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.
Cyngn Q1 2024 In Review – Key Milestones & Achievements
Cyngn Scales Up Commercialization of Autonomous Vehicle Solutions
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).
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Investor Contact:
Don Alvarez, CFO
[email protected]
Media Contact:
Luke Renner, Head of Marketing
[email protected]
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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