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PARK, Calif., Sept. 10,
2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or
"Cyngn") (Nasdaq: CYN) today announced that its AI-powered
autonomous driving solution, DriveMod, will be able to operate in
outdoor environments. Organizations will be able to send the
DriveMod Tugger on missions that go indoors and outdoors, giving
facility managers even more opportunity to automate repetitive
workflows and shift employees over to more interesting,
higher-value tasks.
As modern warehouses and manufacturing complexes grow ever
larger—many surpassing 200,000 square feet and spanning multiple
buildings—the challenge of efficiently moving materials from point
A to point B becomes increasingly complex. By extending DriveMod's
capabilities outdoors, Cyngn provides organizations with a solution
that eliminates bottlenecks in material movement, from transporting
goods between outdoor storage areas to facilitating smoother
transitions across multi-building facilities.
"One of the biggest pain points businesses face is the wasted
time and resources involved in transporting materials between
buildings," said Sean Stetson,
Cyngn's VP of Engineering. "This time-consuming task ties up
equipment and pulls workers away from where they're most needed,
resulting in expensive lost productivity. By automating these
tasks, companies can eliminate these inefficiencies, shifting
workers to other responsibilities."
Given the costly challenge of moving materials between buildings
in a large site, several companies have engaged Cyngn to automate
outdoor operations. By integrating customer feedback into our
roadmap, Cyngn will address the complex challenge of efficient
outdoor material movement, unlocking significant operational
potential and cost savings for organizations looking to improve
resource utilization and maximize productivity.
The ability to operate outdoors opens new doors for DriveMod
users. It empowers facility managers to automate the movement of
goods in previously manual outdoor workflows, creating a fully
connected system between indoor and outdoor operations. This
capability has the potential to unlock cost savings and increase
operational efficiency across industries like logistics,
manufacturing, and distribution.
"Businesses are asking for more than just indoor efficiency. As
a result, this marks a major milestone in broadening our reach and
catering to the diverse needs of customers," said Cyngn Chief
Executive Officer, Lior Tal. "The
future of automation isn't just about optimizing indoor spaces;
it's about creating smarter, more flexible solutions that cater to
the full spectrum of operational environments."
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: https://cyngn.com
- Twitter: http://twitter.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Investor Contact:
Don
Alvarez
investors@cyngn.com
Media Contact:
Luke Renner
media@cyngn.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, 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.
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SOURCE Cyngn