MENLO PARK, Calif., February 15, 2022 — Cyngn (or the “Company”) (Nasdaq: CYN), a developer of innovative autonomous driving software solutions for industrial and commercial enterprises, today announced the filing of a patent for DriveMod Kit, the latest in industrial autonomous vehicle (“AV”) retrofit technology.
“DriveMod Kit is an all-in-one autonomy integration package. It enables the conversion of standard industrial vehicles into fully autonomous vehicles,” said Cyngn CEO, Lior Tal. “The kit contains advanced sensors and hardware components that streamline retrofit of industrial vehicles that customers already own, or installation into vehicles coming directly off of the assembly line. DriveMod Kit presents a truly scalable solution for AV technology integration.”
DriveMod Kit was developed by Cyngn to support faster and more cost-effective deployments of industrial autonomy solutions, thereby solving major scalability and adoption issues faced by companies interested in utilizing AV technology. DriveMod Kit simplifies what can otherwise be a complex installation process.
More broadly, DriveMod Kit represents a continuation of Cyngn’s ongoing effort to develop a suite of defensible and proprietary technologies to enable the rapid adoption of autonomous vehicle technology.
“DriveMod Kit is the latest addition to Cyngn’s more than 25 filed patents, which span a wide array of autonomous vehicle technologies,” said Biao Ma, Cyngn’s Vice President of Engineering and Head of Autonomy. “Our technology stack consists of more than 80 elements, which range from sensor fusion algorithms to data processing pipelines, and allow us to bring our self-driving solutions to a variety of industrial domains.”
In December, Cyngn hosted an AV Technology Webinar detailing the more than 80 different elements that use proprietary Cyngn autonomous vehicle technology.
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 about Cyngn’s autonomous vehicle technologies, please visit https://cyngn.com/.
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.
For more information, please contact:
Carolyne Sohn
Vice President, The Equity Group csohn@equityny.com
(415) 568-2255