Cyngn uses Ouster's REV7 lidar sensors to
maximize DriveMod's self-driving capabilities and detect pallet
stack attributes
MENLO
PARK, Calif., Aug. 22,
2023 /PRNewswire/ -- Cyngn Inc. (the "Company" or
"Cyngn") (Nasdaq: CYN), a developer of AI-powered autonomous
driving solutions for industrial applications, recently secured a
pre-order of 100 DriveMod Forklifts from Arauco, a global provider
of sustainable forestry products. Once deployed, this order
represents up to $5 million in annual
recurring EAS license revenues while addressing only a small
portion of Arauco's existing forklift fleet.
Cyngn and Arauco announced their collaboration after a
successful paid project that achieved Arauco's requirements for
moving large, heavy wood bundles on unstandardized pallets; the
requirements were previously unmet by existing industrial
automation solutions. Arauco initially selected Cyngn for the
project based on the Company's demonstrated ability to operate many
different vehicle types autonomously using its advanced DriveMod
software. The project was executed successfully in collaboration
with BYD, resulting in a first-of-its-kind electric autonomous BYD
forklift ("DriveMod Forklift").
DriveMod is an end-to-end autonomy system that enables the
conversion of standard industrial vehicles into fully autonomous
ones by utilizing Ouster's advanced lidar sensors, other AV
hardware components, and Cyngn's software stack and AI models.
DriveMod can be installed into new vehicles off the assembly line
or retrofitted into existing vehicles. With advanced lidar sensing,
the DriveMod platform performs at levels higher than autonomous
industrial vehicles that use legacy sensor technology.
Since partnering with Ouster in January
2023 and adding the REV7 digital lidar sensor to its
DriveMod platform, Cyngn has delivered products to customers and
forged partnerships to manufacture electric autonomous DriveMod
Stockchasers (Columbia Vehicle Group), DriveMod Tuggers (Motrec),
and DriveMod Forklifts (BYD) with leading manufacturers eager to
meet the growing demand for autonomous industrial vehicles.
"Cyngn is pushing the boundaries of industrial autonomy with
their AI-powered DriveMod platform," said Angus Pacala, CEO of Ouster. "By adding our
high-performance REV7 sensors to the DriveMod platform, Cyngn gives
eyes to its industrial vehicles, allowing them to navigate
seamlessly and extract rich insights from their environment in any
condition."
Cyngn developed proprietary computer vision algorithms that are
bundled into a Pallet Stack Attribute Estimation sub-system
within the DriveMod perception stack. DriveMod also uses lidar to
inform the location of its vehicles within the site. Fusing sensor
data from lidar and other sensors, DriveMod's advanced autonomy
software enables:
- Position and pose estimation of DriveMod Forklifts within a
site with centimeter-level accuracy and 6 degrees of freedom
- Detection and identification of pallet stacks
- Precise localization and orientation of pallet stacks relative
to the DriveMod Forklift
- One-shot pallet stack enumeration (counts the number of pallets
in a stack from a single viewing)
- Detection of edges and center of pallet pockets
"Ouster's high-quality sensors enable the impressive performance
of Cyngn's autonomous vehicles," said Lior
Tal, CEO of Cyngn. "The vertical field-of-view the lidar
provides is critical for indoor environments and gives DriveMod
Vehicles more coverage of blindspots than a human operator."
Cyngn's DriveMod platform, supplemented by Ouster lidar and
outfitted to a growing number of material handling vehicle models
will continue supporting modern manufacturers around the globe by
tackling labor shortage challenges, enhancing workplace safety, and
improving operational efficiency.
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
About Ouster
Ouster (NYSE: OUST) is a leading global
provider of high-resolution scanning and solid-state digital lidar
sensors, Velodyne Lidar sensors, and software solutions for the
automotive, industrial, robotics, and smart infrastructure
industries. Ouster is on a mission to build a safer and more
sustainable future by offering affordable, high-performance sensors
that drive mass adoption across a wide variety of applications.
Ouster is headquartered in San Francisco,
CA with offices in the Americas, Europe, Asia-Pacific, and the Middle East. For more information, visit
www.ouster.com, or connect with us on Twitter or LinkedIn.
Cyngn Media Contacts:
Bill
Ong
Cyngn Inc.
bill@cyngn.com
650-204-1551
Susan Donahue
Skyya PR for Cyngn Inc. (Nasdaq: CYN)
susan.donahue@skyya.com
651-283-8700
Cyngn Investor Contact:
Ben
Mimmack
Cyngn Inc.
ben.mimmack@cyngn.com
214-587-8533
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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