MENLO PARK, Calif. Cyngn, Inc. (the “Company” or “Cyngn”) (Nasdaq: CYN), a developer of AI-powered autonomous driving solutions for industrial applications, today announced that it has successfully completed Phase 2 of its multi-phase project with a global, large-cap company in the heavy machinery industry. The project focuses on implementing autonomous vehicle (AV) technology in the mining domain. Cyngn has achieved state-of-the-art results with elements of its AV technology that are not currently used by the mining industry but can introduce paradigm-shifting automation capabilities, primarily by increasing the uptime of automated mining vehicles. These novel results were achieved in the field, and the technology is expected to evolve into a commercial product after the project-based work is done.
Cyngn’s collaboration with this global company, whose name is being withheld for competitive reasons, spearheads the introduction of leading-edge AV and artificial intelligence solutions into the client's industrial vehicles, including the opportunity to address vehicles already in commercial use.
The mining industry is one of the most hazardous industries, with workers facing harsh, often remote work conditions with a higher risk of serious injury than workers in other industries. By leveraging the latest in autonomous industrial vehicle technology, mining companies can ensure the safety of their workers while increasing productivity and efficiency. With the successful completion of the previous two phases of this multi-phase project, Cyngn's DriveMod technology has already proven its ability to address multiple vehicles and applications in the mining sector and demonstrated the effectiveness of the technology.
The continued development of Cyngn's technology through this multi-phase project is expected to yield advancements to the fundamental capabilities of Cyngn's Enterprise Autonomy Suite (EAS) that will benefit the Company's already commercially available autonomous stockchasers, autonomous forklifts (in development, under a separate customer contract), and all future autonomous vehicles powered by DriveMod.
Cyngn expects to complete Phase 3 of the project by the end of summer 2023, and further announcements may be made at that time.