Cyngn (or the “Company”) (NASDAQ: CYN), a developer of
innovative autonomous driving software solutions for industrial and
commercial enterprises, today announced that Global Logistics and
Fulfillment LLC (“GLF”), a premier warehousing and fulfillment
provider, has engaged the Company as its exclusive autonomous
vehicle (“AV”) solutions provider. This follows a successful 2021
pilot deployment at GLF’s Las Vegas distribution center, which
included Cyngn’s AV technology integrated into Columbia’s
Stockchaser.
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Cyngn’s AV technology integrated into
Columbia’s Stockchaser in action at GLF’s fulfillment center in Las
Vegas. Source: Cyngn
By choosing Cyngn as its exclusive AV solutions provider, GLF
will be able to leverage Cyngn’s Enterprise Autonomy Suite (“EAS”)
to streamline operations, enable its team members to stay focused
on their most mission-critical tasks, and benefit from
unprecedented visibility into its core business.
With the help of Cyngn, GLF has identified applications for
autonomous vehicles across GLF’s expanding footprint, including
additional locations in Nevada and California.
Lior Tal, Chairman and CEO of Cyngn, stated, “This deployment at
GLF’s distribution center validates the product/market fit that we
have been talking about since Cyngn’s inception. This also marks a
major step forward in our partnership with Columbia Vehicle Group.
We look forward to working closely with the GLF team on future
deployments and are pleased to be their AV solutions provider as
they expand their business. We continue working to establish
relationships like this one with GLF and anticipate we will be
bringing our autonomous vehicle capabilities to more organizations
in the coming months.”
Throughout the second half of 2021, GLF embarked on a series of
limited deployments with Cyngn, enabling their workforce to
integrate an autonomous vehicle into their daily operations. The
roll-out of AV deployments is slated to continue later this year
when GLF expands its Las Vegas footprint into a new 140,000 sq. ft.
warehouse, which will be designed with AV operations in mind.
Stephen Gross, founder and President of GLF, said, “Cyngn has
demonstrated the ability for its technology to serve as a catalyst
for our business growth. The pilot deployment really opened our
eyes to the opportunities that Cyngn’s solutions provide, which is
why we decided to move forward with engaging Cyngn as our exclusive
provider of AV solutions. We believe we have found an ideal partner
in Cyngn and look forward to seeing the impact these additional
deployments will have on our operations this year.”
Kenn Morris, General Manager at GLF, added, “We were pleased at
how quickly our warehouse team adapted to the change and integrated
the vehicle into their workflows. Our employees were very excited
about having the vehicle as an additional resource that helped them
complete their daily assignments more efficiently. Everyone
recognized the value and time savings it brought to our operations
right away. After the initial project phase, our team members were
actually disappointed that they had to go back to doing things the
old way. It was good proof that AV tech benefits everyone,
particularly those working directly on the warehouse floor.”
Cyngn’s Enterprise Autonomy Suite comprises a slate of products
that includes DriveMod: Cyngn’s AI-powered AV technology stack, and
Cyngn Insight: software tools for data analytics, fleet management,
and operational insights. EAS is a comprehensive solution that
makes it easy to transform data into action by giving operators the
information they need to run their organizations more efficiently
with AVs that create new layers of safety while addressing the
ongoing challenges of labor shortages, which underpins Cyngn’s $119
billion market opportunity estimate for its material handling AV
solutions.
About Cyngn
Cyngn is an autonomous vehicle technology company that is
focused on addressing industrial uses for autonomous vehicles.
Cyngn believes that technological innovation is needed to enable
the adoption of autonomous industrial vehicles that will address
the substantial industry challenges that exist today. These
challenges include labor shortages, lagging technological
advancements from incumbents, and high upfront investment
requirements. Cyngn addresses these challenges with its Enterprise
Autonomy Suite, which includes DriveMod (modular industrial vehicle
autonomous driving software), Cyngn Insight (customer-facing
software suite for monitoring/managing AV fleets and
aggregating/analyzing data), and Cyngn Evolve (internal toolkit
that enables Cyngn to leverage data from the field for artificial
intelligence, simulation, and modeling).
To learn more, please visit https://cyngn.com/.
About Global Logistics and Fulfillment
Global Logistics and Fulfillment, LLC is a leading West Coast
warehouse and logistics company providing outsourced distribution,
eCommerce fulfillment, pick/pack and kitting/light assembly
services to large-and-mid-sized customers.
Founded in 1996, their team provides competitively-priced and
flexible 3PL solutions — with strategic locations in Las Vegas and
San Diego and nearly 300,000 sq ft of facility space to service US
and international customers.
To learn more, please visit
https://www.glogisticsfulfillment.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Any
statement that is not historical in nature is a forward-looking
statement and may be identified by the use of words and phrases
such as "expects," "anticipates," "believes," "will," "will likely
result," "will continue," "plans to," "potential," "promising," and
similar expressions. These statements are based on management's
current expectations and beliefs and are subject to a number of
risks, uncertainties and assumptions that could cause actual
results to differ materially from those described in the
forward-looking statements, including the risk factors described
from time to time in the Company’s reports to the SEC. No
forward-looking statement can be guaranteed, and actual results may
differ materially from those projected. Cyngn undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or
otherwise. Readers are cautioned that it is not possible to predict
or identify all the risks, uncertainties and other factors that may
affect future results.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220109005073/en/
For more information: Carolyne Sohn Vice President, The
Equity Group csohn@equityny.com (415) 568-2255
Kenn Morris, GLF (702) 505-9269
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