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Cyngn Raises $33m in December to Scale Customer Deployments and Fuel Its Growth

Cyngn enters the year with strong momentum, leveraging its latest financing to scale production and deployment of DriveMod Tuggers and advance commercial release of DriveMod Forklifts.

Cyngn |

MENLO PARK, Calif., January 14th, 2024 – Cyngn Inc. (Nasdaq: CYN) today announced that it has secured $33 million in funding. This funding positions the company to accelerate its growth and deliver on its mission to proliferate industrial autonomous vehicles.

“This capital infusion strengthens our ability to fund operations, drive commercialization, and continue investing in groundbreaking autonomous vehicle technologies,” said Lior Tal, Chairman and CEO of Cyngn. “With increasing demand for automation solutions, especially in the automotive, heavy machinery and logistics industries, this funding allows us to build on recent momentum, including our upcoming autonomous forklift launch and other strategic advancements.”

2024 Operational Highlights and Roadmap

Cyngn enters the year with strong momentum, leveraging its latest financing to scale production and deployment of autonomous industrial vehicles.

Key milestones include:

  • Advancing Autonomous Forklift Development – In October, Cyngn announced its first paid autonomous forklift deployment. The company plans to expand the availability of its Autonomous DriveMod Forklift.
  • Expanding Customer Deployments – In recent weeks, the company announced deployments at major organizations across multiple industries, including defense and automotive manufacturing.
  • Growing Partnerships – The company continues to strengthen collaborations with OEMs and industry leaders to drive innovation and deliver scalable automation solutions.

The Growing Autonomous Industrial Vehicle Market

Automation is transforming industrial operations, with autonomous vehicles playing a critical role in enhancing productivity and safety. According to industry estimates, the smart manufacturing market is predicted to grow from $223.6 billion to an impressive $985.5 billion by 2032, driven by increasing demand for efficiency and workforce augmentation.

 Companies across logistics, warehousing, and manufacturing are accelerating automation initiatives to address labor shortages and rising operational costs. 41% of warehouse managers have reported an inability to attract and retain workers and 76% of today’s supply chain operations are being impacted by labor shortages. Cyngn’s solutions, powered by AI and advanced autonomy, provide a seamless path for businesses to integrate self-driving vehicles into their workflows and address these ongoing challenges.

Fueling the Future of Industrial Autonomy

With this funding, Cyngn remains focused on scaling its autonomous vehicle deployments, accelerating product innovation, and expanding its market reach. As the company begins accepting orders for its autonomous DriveMod Forklift, it is well-positioned to shape the future of industrial automation.

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.

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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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