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Cyngn Launches Consultancy Service to Support New Autonomous Vehicle Projects

With the launch of its autonomous vehicle consultancy, Cyngn enables OEMs and other industrial organizations to spearhead new autonomous vehicle developments and deployments.

Cyngn |

Menlo Park, Calif., Oct. 12, 2023 – Cyngn, (the “Company” or “Cyngn”) (Nasdaq: CYN), a developer of AI-powered autonomous driving solutions for industrial applications, is excited to announce the expansion of its offerings with the introduction of expert Autonomous Vehicle (AV) Consultancy Services. With this new initiative, Cyngn is committed to partnering with businesses in the manufacturing and logistics sectors, helping them to plan autonomous vehicles solutions that yield more successful AV deployment and development projects.

So far, several companies have benefited from Cyngn’s AV expertise, including companies from the Fortune Global 500. This program has already led to cutting-edge AV development projects in manufacturing and mining. This year, the company announced two successfully completed projects: one with Arauco, the global wood supplier, and one with a global OEM in the mining industry.

"Many business leaders come to us with ideas of vehicles or workflows they would like to automate,” said Cyngn CEO, Lior Tal. “This service enables our expertise to begin generating insight and value to our customers even before we deploy autonomous vehicles in production, which ultimately forges stronger working relationships. We also expose ourselves to valuable market data that informs our own strategic initiatives. For example, our successful autonomous forklift project established world-class partners in Arauco and BYD. We’ve started to commercialize the autonomous forklift and are now accepting pre-orders.”

Cyngn’s autonomous vehicle consultancy service expands upon its suite of industrial AV products and reinforces its core belief that without automation, businesses will struggle to remain competitive. By focusing on surfacing details that deliver the most significant impact to efficiency and safety, Cyngn helps to illuminate the value and plan for AV adoption.

Clients working with Cyngn’s seasoned experts can look forward to:

  • Streamlined Operations: Cyngn optimizes workflows, enhancing productivity.
  • Enhanced Worker Satisfaction: Improved employee experiences result in greater productivity.
  • Technology Insights: Stay at the forefront of automation with expert guidance on the optimal solutions for a given use case from sensors to AI to computer vision.
  • Quantifiable Benefits: Identify and measure advantages that enhance profitability.
  • Informed Decision-Making: Gain insights to make well-informed choices about autonomy, maximizing returns on investment.

     

To learn more about Cyngn's consultancy services and discover how autonomy can enhance your business operations, visit cyngn.com/automation-and-autonomy-consulting. Join us in revolutionizing the future of automation and unlocking new possibilities for growth.

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).

Investor Contact:

Don Alvarez

Media Contact:

Luke Renner

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 (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.

Cautionary Note. 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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