MENLO PARK, Calif., January 10, 2022 — 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.
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 get 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.
For more information, please contact:
Carolyne Sohn
Vice President, The Equity Group
(415) 568-2255
Kenn Morris, GLF
General Manager, Global Logistics and Fulfillment
(702) 505-9269