Cyngn raised $32M last week and are funded through 2027
DriveMod vehicles have been deployed across multiple industries, including manufacturing, automotive, logistics, and CPG.
The company is accelerating its product development via new partnerships with NVIDIA and a relocation to a new, larger facility.
The company is leveraging AI across the business to accelerate the development and deployment of its products.
MOUNTAIN VIEW, Calif., July 2, 2025 /PRNewswire/ — Today, Cyngn (Nasdaq: CYN) issued a letter from the CEO:
Cyngn Shareholders:
Cyngn’s autonomous DriveMod technology works on Tuggers, Forklifts, and in simulated NVIDIA environments.
Last week, Cyngn completed a $32 million capital raise, fully utilizing our shelf registration. This funding strengthens our balance sheet and enables us to continue executing our growth plans, without the need to raise additional capital in the near term.
Our autonomous DriveMod vehicles are now operating in warehouse aisles and across factory floors around the clock, delivering measurable improvements to safety, productivity, and labor costs. In recent months, we’ve deployed DriveMod-enabled vehicles at several new sites across industries, including manufacturing, automotive, logistics, and consumer-packaged goods. For our clients, our autonomous vehicles are becoming part of how critical work gets done and provide them a competitive advantage.
To keep up with this demand, we’ve relocated into a new headquarters office in Mountain View that includes larger test and demonstration areas to support our product development and increase on-site selling activities. Similarly, our collaboration with NVIDIA has helped us move faster. Isaac Sim is a high-fidelity simulation environment that enables us to bring new capabilities to market safely, quickly and affordably.
We remain committed to advancing the next generation of industrial autonomy. With 23 patents granted to date, our growing intellectual property portfolio reflects the depth of innovation happening across our engineering and R&D teams. As we scale, we will continue investing in the core technologies that differentiate DriveMod and position Cyngn as a long-term leader in autonomous vehicle solutions for industrial environments.
We are also increasingly harnessing advanced generative AI and AI agents across our R&D, product development, and customer-facing tools. These technologies act as a force multiplier, enabling our teams to work more efficiently, iterate faster, and unlock new capabilities without a proportional increase in resources. By integrating AI into our workflows, we’re giving our developers the tools they need to move quickly and cost-effectively, accelerating innovation across the company.
We now have the resources, the technology, and the market traction to focus entirely on execution. Our goal is simple: convert momentum into scale, and do it with discipline, precision, and long-term conviction.
Sincerely,
Lior Tal
CEO, Cyngn
About Cyngn
Cyngn develops and deploys autonomous vehicle technology for industrial organizations like manufacturers and logistics companies. The Company addresses significant challenges facing industrial organizations today, such as labor shortages and costly safety incidents.
Cyngn’s DriveMod technology empowers customers to seamlessly bring self-driving technology to their operations without high upfront costs or infrastructure installations. DriveMod is currently available on Motrec MT-160 Tuggers and BYD Forklifts.
The DriveMod Tugger hauls up to 12,000 lbs, travels inside and out, and targets a typical payback period of less than 2 years. The DriveMod Forklift lifts heavy loads that use non-standard pallets and is currently available to select customers. For all terms referenced within, please refer to the Company’s annual report on Form 10-K with the SEC filed on March 6, 2025.
Investor Contact:
Natalie Russell, Interim CFO
[email protected]
Media Contact:
Luke Renner, Head of Marketing
[email protected]
Where to Find Cyngn:
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 Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company’s annual report on Form 10-K filed with the SEC on March 6, 2025. 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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