- Paid pre-order agreement from Arauco for 100 DriveMod
Forklifts, potentially represents up to $5
million per year in recurring revenue.
- Valuable deployment with US Continental, a California-based manufacturer.
- Added two new vehicle types: Partnership with BYD to develop
autonomous DriveMod Forklifts and partnership with Motrec, to
launch autonomous DriveMod Tuggers.
- Initial deployments with several big brands, including from the
Fortune 100.
- Aligned with Nvidia (Nasdaq: NVDA) to power artificial
intelligence.
- Secured 19 U.S. patents, released Enterprise Autonomy
Suite 9.0, and added autounhitch capabilities to our industrial
autonomous vehicles.
MENLO
PARK, Calif., Jan. 23,
2024 /PRNewswire/ -- Cyngn Inc. (the "Company"
or "Cyngn") (Nasdaq: CYN), today shared several company milestones
and key achievements from 2023, including valuable deployments,
paid projects with leading global customers, and key partnerships
to propel it's artificial intelligence and robotics technologies
into even more complete solutions for customers. Together, these
achievements are positioning Cyngn for a transformational 2024.
Learn more and watch our 2023 year in review video
here.
CEO Commentary:
"As we reflect on 2023's
achievements, it's clear that the year can be defined by the
increasing commercialization of our AI-powered technology.
The Cyngn team has delivered exciting results this
year as we continue to capitalize on the growing demand for
autonomous industrial vehicles. Not only did we launch two
additional vehicle types, the DriveMod Forklift
and DriveMod Tugger, but we also increased our year
over year revenue by 5.7x," said Lior Tal, Cyngn's Chairman
and Chief Executive Officer.
"Along with securing these key partnerships with leading OEMs
like Motrec and BYD, we started 2023 with a valuable deployment at
US Continental where our vehicles automated nearly 900 monthly
trips. In addition, we successfully completed paid development
contracts with leading companies like Arauco, aligned ourselves
with Nvidia to power our artificial intelligence, secured 19 U.S.
patents, and rolled out Enterprise Autonomy Suite 9.0 (EAS
9.0)."
"Looking ahead to 2024, things are already off to a great start.
We are doubling down on our sales efforts and seeing the results
through a bolstered opportunity pipeline. This is just the
beginning of what we hope will be a transformational year for
Cyngn."
Key 2023 Milestones and Achievements:
- Valuable deployment: Cyngn started 2023 with a valuable
deployment at US Continental, a California-based chemicals manufacturer. Here,
Cyngn's vehicles automated nearly 900 monthly trips, in addition to
sparking employee growth opportunities and promotions. Overall, the
company found that DriveMod is 400% more efficient than a human
forklift driver.
- New products and partnerships: Cyngn has expanded its
partnerships with two leading OEMs to propel the Company's DriveMod
autonomous technology into even more complete solutions. First, in
July, Cyngn partnered with Motrec, a globally recognized
manufacturer of industrial electric vehicles, to bring its
autonomous DriveMod solution to Motrec's MT-160 tow tractor. Cyngn
also partnered with BYD, a renowned global brand, to integrate
DriveMod into their fleet of electric forklifts, expanding Cyngn's
portfolio of DriveMod-enabled vehicles to the most universal
material handling vehicle. Cyngn revealed the first footage of the
AI-powered autonomous forklift in August.
- Customer contracts: Cyngn executed paid projects
with leading global customers. In August, Cyngn announced a
pre-order agreement with Arauco, a global company of sustainable
forestry products, pulp, and engineered wood that is a supplier to
the furniture and construction industries, to deploy 100
DriveMod Forklifts. This largest order-to-date refers to only a
small portion of Arauco's existing fleet but represents a
meaningful annual recurring revenue deployment for the Company. In
addition, Cyngn announced an agreement with a Fortune 100 heavy
machinery manufacturer to deploy DriveMod Tuggers in its North
American manufacturing facility.
- Proprietary technology: Cyngn secured several U.S.
patents in 2023 for the Company's autonomous vehicle and driving
solutions, bringing the total number to 19. Cyngn also released its
Enterprise Autonomy Suite (EAS) 9.0, which comes with a suite of
intelligent fleet management tools that customers can use to manage
and monitor their fleets from any location. The latest version
includes a number of advanced features such as on-vehicle mission
deployment and intelligent return to home capabilities.
- Product enhancements: In December, Cyngn enabled their
new auto-unhitch capability. This feature is poised to bring
greater value to customers by offering a hands-off solution to
unloading towed cargo.
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: https://twitter.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Investor/Media Contact: Bill
Ong, bill@cyngn.com; 650-204-1551
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 17, 2023. 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