Menlo Park, Calif., August 17, 2023 – Cyngn Inc. (the “Company” or “Cyngn”) (Nasdaq: CYN), a developer of AI-powered autonomous driving solutions for industrial applications, today shared several company milestones and key achievements including significant customer wins, key partnerships with leading OEMs, and product enhancements to increase customer satisfaction, safety, and efficiency. Together, these achievements are positioning the Company for growth.
CEO Commentary
“The Cyngn team has delivered exciting results this year as we continue to capitalize on the industrial sector’s growing demand for autonomous utility vehicles, allowing industrial enterprises to overcome labor shortages, reduce labor costs, and enhance workplace safety in manufacturing and logistics,” said Lior Tal, Chief Executive Officer of Cyngn.
“Our main focus is material handling across logistics and manufacturing facilities. Our DriveMod Forklift launch was well received, and we are actively working to sign-up new commercial customers and deployments. We have successfully completed paid development contracts with leading companies to showcase leading-edge autonomous vehicle capabilities, expanded our sales efforts, rolled out Enterprise Autonomy Suite (EAS 9.2), and expanded our engineering leadership.
“We conservatively estimate that the addressable market for self-driving industrial vehicles is over $200 billion today. We are well-positioned to deliver the next generation of autonomous driving solutions to some of the most pressing problems in the industrial space. AI is transforming the way work gets done and given the traction we are seeing with DriveMod, Cyngn is at the forefront of that shift.”
Key 2023 Milestones and Achievements:
About Cyngn
Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn’s self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.
Cyngn’s DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.
Cyngn’s flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).
Find Cyngn on:
Cyngn Media Contacts:
Bill Ong
Cyngn Inc.
bill@cyngn.com
650-204-1551
Susan Donahue
Skyya PR for Cyngn Inc. (Nasdaq: CYN)
susan.donahue@skyya.com
651-283-8700
Cyngn Investor Contact:
Ben Mimmack
Cyngn Inc.
ben.mimmack@cyngn.com
214-587-8533
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, including, without limitation the risk factors discussed in the Company’s annual report on Form 10-K filed with the SEC on March 17, 2023. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results 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.