MENLO PARK, Calif., Sept. 26, 2023 – Cyngn Inc. (the “Company” or “Cyngn”) (Nasdaq: CYN), a developer of AI-powered autonomous driving solutions for industrial applications, today announced the beginning of its deployment with a Fortune 100 Heavy Equipment Manufacturer to use DriveMod Stockchasers in one of its North American facilities
This agreement, originally announced in July, is part of the manufacturer’s goal to increase automation and technology adoption in their operations. The deployment will utilize Cyngn’s DriveMod technology, which allows users to fully automate repetitive driving tasks, helping the customer combat labor shortages while increasing efficiency and safety at the facility.
“This deployment demonstrates Cyngn's ability to accommodate the growing industry demand for autonomous industrial vehicles,” said Lior Tal, chief executive officer of Cyngn, “By leveraging Cyngn's AI solutions, companies are addressing the opportunity of automating the repetitive tasks required for efficient manufacturing.
The deployment spearheads the collaboration between the two companies, introducing Cyngn’s DriveMod technology to a facility that has manufactured over one million machines since it opened and strives to continue growing its manufacturing output while overcoming the challenges of labor availability and costs. The companies are in talks to expand autonomous vehicle usage after this initial deployment. The customer has more than 50 sites with similar towing applications and a variety of additional vehicle types that can be addressed by DriveMod, including forklifts.
“This is a demonstration of our ‘land and expand’ strategy, wherein an initial deployment serves as the catalyst to expand DriveMod adoption with major customers,” said Tal. “It’s a strategy that not only leads to the potential penetration of the initial vehicle—in this case, the DriveMod Stockchaser—across facilities, but it also opens the opportunity for the customer to adopt additional DriveMod vehicles.”