- Joined John Deere supply base and chosen to deploy DriveMod
Tuggers to Dubuque, IA
operation.
- Renewed contract with US Continental, unveiling a study that
found Cyngn's autonomous vehicles yielded 4x efficiency gain.
- Announced initial deployment with Rivian.
- Announced strategic partnership with RobotLAB, expanding the
Cyngn Distributor Network.
- Aligned with Nvidia to power DriveMod's artificial
intelligence.
- Attended MODEX with Motrec, premiering the DriveMod Tugger
autonomous MT-160.
- Secured our 19th granted US patent.
- Launched our "auto-unhitch" feature, enabling DriveMod Tuggers
to drop off carts without requiring any human intervention.
MENLO
PARK, Calif., May 16, 2024
/PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq:
CYN) today shared several commercial and technological
accomplishments from the first quarter of 2024, including valuable
progress with renowned brands like John Deere and Rivian, the
expansion of our distribution network, and key collaborations aimed
at advancing our artificial intelligence and robotics technologies.
As Cyngn progresses through 2024, the Company remains focused on
scaling to capitalize on opportunities with major heavy
manufacturing, automotive, and defense corporations.
Learn more and watch our Q1 2024 review video here.
Commentary from Lior Tal,
Cyngn's Chairman and Chief Executive Officer:
"Q1 showcased our achievement to be chosen by a marquee customer
like John Deere. Our product offering achieves immense validation
from being selected by a world-leading brand like Deere."
"Alongside valuable existing deployments that continued through
the last several months, we conducted initial deployments at a
number of new organizations across manufacturing and logistics.
This progress with additional initial deployments continues to
underscore the manufacturing sector's growing need for AVs and
underpins the commercial momentum of our autonomous DriveMod
solutions."
"This quarter, we also published the results of a study
conducted through our production deployment with US Continental,
where our vehicles automated nearly 900 monthly trips. The study
revealed that our vehicles not only achieved a 4x increase in
efficiency but also created opportunities for employee promotions.
In addition, RobotLAB joined the Cyngn Distributor Network, paving
the way for joint sales efforts. We also aligned ourselves with
Nvidia to power DriveMod's artificial intelligence, secured our
19th US patent, and released our auto-unhitch feature.
"As we progress into 2024, Cyngn remains committed to developing
state of the art technology and accelerating our sales efforts to
create commercial success. I am excited by the opportunity that
lies ahead."
Key Milestones and Achievements:
- Valuable Progress with Renowned Brands. Cyngn joined
John Deere supply base and was chosen to deploy its DriveMod
Tuggers to their Dubuque, IA
operation. Cyngn also announced the completion of an initial
deployment with Rivian.
- Demonstrable Efficiency Gains. In February, Cyngn
also published the results of a study at one of its early
deployment sites, U.S. Continental. There, Cyngn found that its
vehicles were 4x more efficient than their human counterparts. This
success resulted in the customer renewing its commercial contract
to extend the deployment of DriveMod Stockchasers. Cyngn also
deployed at additional organizations across manufacturing and
logistics.
- Key Collaborations. Cyngn added RobotLAB, a premier
robotics integrator that has deployed over 10,000 robots with
customers across the globe, to its Distributor Network. Cyngn also
announced that its next-gen DriveMod Kit will harness NVIDIA AI
computers and additionally showed off the first footage of the
DriveMod Tugger in action. In March, Cyngn attended MODEX and
premiered the Motrec MT-160 DriveMod Tugger to more than 30,000
attendees.
- Proprietary Technology. Cyngn brought the total number
of granted U.S. patents for the Company's autonomous vehicle and
driving solutions to 19. Cyngn also released its auto-unhitch
feature, a hands-off solution for our industrial autonomous
vehicles to drop off cargo that enhances operational efficiency and
brings greater value to customers.
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:
- Website: cyngn.com
- Twitter: twitter.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Investor Contact:
Don Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act and
other securities laws. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" and similar
expressions or variations of such words are intended to identify
forward-looking statements. Forward-looking statements are not
historical facts, and are based upon management's current
expectations, beliefs and projections, many of which, by their
nature, are inherently uncertain. Such expectations, beliefs and
projections are expressed in good faith. However, there can be no
assurance that management's expectations, beliefs and projections
will be achieved, and actual results may differ materially from
what is expressed in or indicated by the forward-looking
statements. Forward-looking statements are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed 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 7,
2024. 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. References and links to websites have
been provided as a convenience, and the information contained on
such websites is not incorporated by reference into this press
release. Cyngn is not responsible for the contents of third-party
websites.
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SOURCE Cyngn