Cyngn’s flagship product, its Enterprise Autonomy Suite, contains 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 knowledge from the sector for synthetic intelligence, simulation, and modeling).
Cyngn Inc. (the “Firm” or “Cyngn”) (Nasdaq: CYN), at this time shared a number of firm milestones and key achievements from 2023, together with worthwhile deployments, paid initiatives with main world prospects, and key partnerships to propel it is synthetic intelligence and robotics applied sciences into much more full options for patrons. Collectively, these achievements are positioning Cyngn for a transformational 2024.
CEO Commentary:
“As we replicate on 2023’s achievements, it is clear that the 12 months might be outlined by the growing commercialization of our AI-powered know-how. The Cyngn workforce has delivered thrilling outcomes this 12 months as we proceed to capitalize on the rising demand for autonomous industrial automobiles. Not solely did we launch two further car sorts, the DriveMod Forklift and DriveMod Tugger, however we additionally elevated our 12 months over 12 months income by 5.7x,” mentioned Lior Tal, Cyngn’s Chairman and Chief Govt Officer.
“Together with securing these key partnerships with main OEMs like Motrec and BYD, we began 2023 with a worthwhile deployment at US Continental the place our automobiles automated practically 900 month-to-month journeys. As well as, we efficiently accomplished paid growth contracts with main firms like Arauco, aligned ourselves with Nvidia to energy our synthetic intelligence, secured 19 U.S. patents, and rolled out Enterprise Autonomy Suite 9.0 (EAS 9.0).”
“Waiting for 2024, issues are already off to a terrific begin. We’re doubling down on our gross sales efforts and seeing the outcomes by way of a bolstered alternative pipeline. That is only the start of what we hope can be a transformational 12 months for Cyngn.”
Key 2023 Milestones and Achievements:
Helpful deployment: Cyngn began 2023 with a worthwhile deployment at US Continental, a California-based chemical substances producer. Right here, Cyngn’s automobiles automated practically 900 month-to-month journeys, along with sparking worker development alternatives and promotions. General, the corporate discovered that DriveMod is 400% extra environment friendly than a human forklift driver. New merchandise and partnerships: Cyngn has expanded its partnerships with two main OEMs to propel the Firm’s DriveMod autonomous know-how into much more full options. First, in July, Cyngn partnered with Motrec, a globally acknowledged producer of commercial electrical automobiles, to carry its autonomous DriveMod answer to Motrec’s MT-160 tow tractor. Cyngn additionally partnered with BYD, a famend world model, to combine DriveMod into their fleet of electrical forklifts, increasing Cyngn’s portfolio of DriveMod-enabled automobiles to probably the most common materials dealing with car. Cyngn revealed the primary footage of the AI-powered autonomous forklift in August. Buyer contracts: Cyngn executed paid initiatives with main world prospects. In August, Cyngn introduced a pre-order settlement with Arauco, a world firm of sustainable forestry merchandise, pulp, and engineered wooden that may be a provider to the furnishings and building industries, to deploy 100 DriveMod Forklifts. This largest order-to-date refers to solely a small portion of Arauco’s present fleet however represents a significant annual recurring income deployment for the Firm. As well as, Cyngn introduced an settlement with a Fortune 100 heavy equipment producer to deploy DriveMod Tuggers in its North American manufacturing facility. Proprietary know-how: Cyngn secured a number of U.S. patents in 2023 for the Firm’s autonomous car and driving options, bringing the overall quantity to 19. Cyngn additionally launched its Enterprise Autonomy Suite (EAS) 9.0, which comes with a set of clever fleet administration instruments that prospects can use to handle and monitor their fleets from any location. The most recent model contains quite a lot of superior options equivalent to on-vehicle mission deployment and clever return to house capabilities. Product enhancements: In December, Cyngn enabled their new auto-unhitch functionality. This characteristic is poised to carry better worth to prospects by providing a hands-off answer to unloading towed cargo.
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 vital challenges dealing with industrial organizations at this time, equivalent to labor shortages, pricey security incidents, and elevated shopper demand for eCommerce.
Cyngn’s DriveMod Equipment might be put in on new industrial automobiles at finish of line or through retrofit, empowering prospects to seamlessly undertake self-driving know-how into their operations with out excessive upfront prices or the necessity to fully change present car investments.
Cyngn’s flagship product, its Enterprise Autonomy Suite, contains 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 knowledge from the sector for synthetic intelligence, simulation, and modeling).
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