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.