Continued gross sales traction for autonomous stockchaser and tugger autos, with focus in automotive manufacturing and personal sector firms that serve the general public sector and protection purposes
Cyngn Inc. (the “Firm” or “Cyngn”) (Nasdaq: CYN), a developer of AI-powered autonomous driving options for industrial purposes, at this time shared a number of firm milestones and key achievements together with important buyer wins, key partnerships with main OEMs, and product enhancements to extend buyer satisfaction, security, and effectivity. Collectively, these achievements are positioning the Firm for progress.
CEO Commentary
“The Cyngn group has delivered thrilling outcomes this 12 months as we proceed to capitalize on the economic sector’s rising demand for autonomous utility autos, permitting industrial enterprises to beat labor shortages, scale back labor prices, and improve office security in manufacturing and logistics,” mentioned Lior Tal, Chief Government Officer of Cyngn.
“Our major focus is materials dealing with throughout logistics and manufacturing services. Our DriveMod Forklift launch was properly acquired, and we’re actively working to sign-up new industrial prospects and deployments. We now have efficiently accomplished paid growth contracts with main firms to showcase modern autonomous car capabilities, expanded our gross sales efforts, rolled out Enterprise Autonomy Suite (EAS 9.2), and expanded our engineering management.”
“We conservatively estimate that the addressable marketplace for self-driving industrial autos is over $200 billion at this time. We’re well-positioned to ship the following era of autonomous driving options to a few of the most urgent issues within the industrial house. AI is remodeling the best way work will get completed and given the traction we’re seeing with DriveMod, Cyngn is on the forefront of that shift,” Lior continued.
Key 2023 Milestones and Achievements:
Not too long ago signed buyer contracts: Cyngn signed two high-profile prospects for DriveMod’s autonomous car know-how. On the finish of July, Cyngn introduced an settlement with a Fortune 100 heavy equipment producer to make use of the Firm’s DriveMod Stockchaser in one in all their many services. The corporate makes use of lots of of stockchasers in its services throughout the globe, and the preliminary deployment has the potential to develop considerably. Cyngn additionally introduced its largest order-to-date to deploy 100 DriveMod Forklifts to Arauco, a world chief within the furnishings and building industries. This preliminary order represents as much as $5 million per 12 months in recurring income whereas addressing solely a small portion of Arauco’s present forklift fleet. New merchandise and partnerships: Cyngn has expanded its partnerships with two main gear producers of electrical industrial autos to combine the Firm’s DriveMod autonomous know-how. In July, Cyngn partnered with Motrec, a producer of electrical industrial autos to combine Cyngn’s autonomous know-how into Motrec’s autonomous tuggers. Motrec operates across the globe, for notable prospects corresponding to GM, FedEx, Tesla, and Walmart. Cyngn additionally introduced a partnership with BYD to deliver Cyngn’s superior AI-driven autonomous know-how capabilities to BYD’s electrical forklifts to successfully deal with labor shortages and consistency challenges confronted by organizations, whereas concurrently enhancing security measures. Cyngn is focusing on the industrial launch of the DriveMod Forklifts to start in 2024. Revolutionary proprietary know-how: Cyngn launched its Enterprise Autonomy Suite (EAS) 9.0, which comes with a collection of clever fleet administration instruments that prospects can use to handle and monitor their fleets from any location. The most recent model permits prospects to handle extra information from the sector and consists of a wide range of useful mission planning capabilities, intuitive mission queuing, and insightful car efficiency information. The streamlined instruments permit for shortened deployment timelines and largely deal with buyer satisfaction, UX, and effectivity. Worker progress: Cyngn continues to strategically rent prime expertise throughout the globe together with the Firm’s latest rent of Sean Stetson as VP of Engineering and Felix Singh as VP of Engineering Companies. Stetson’s in depth expertise in robotics and main product growth groups brings invaluable abilities as Cyngn continues to scale engineering and drive the event of cutting-edge AI and machine studying options. Singh’s confirmed observe document in scaling high quality assurance and large-scale robotics offers the Firm with progress alternatives for product growth and deployment of automation applied sciences. Actual-world demonstrations: Cyngn lately kicked off the primary leg of its Autonomous Car Roadshow in Sacramento, California. The Firm is visiting manufacturing and warehousing services in key markets throughout America to reveal the effectivity, security, and efficiency of its AI-powered Autonomous Stockchaser.
About Cyngn Cyngn develops and deploys scalable, differentiated autonomous car know-how for industrial organizations. Cyngn’s self-driving options permit present workforces to extend productiveness and effectivity. The Firm addresses important challenges dealing with industrial organizations at this time, corresponding to labor shortages, expensive security incidents, and elevated shopper demand for eCommerce.
Cyngn’s DriveMod Package could be put in on new industrial autos at finish of line or by way of retrofit, empowering prospects to seamlessly undertake self-driving know-how into their operations with out excessive upfront prices or the necessity to utterly substitute present car investments.
Cyngn’s flagship product, its Enterprise Autonomy Suite, consists of DriveMod (autonomous car system), Cyngn Perception (customer-facing suite of AV fleet administration, teleoperation, and analytics instruments), and Cyngn Evolve (inner toolkit that allows Cyngn to leverage information from the sector for synthetic intelligence, simulation, and modeling).