Cyngn Expanding DriveMod Capabilities to Outdoor Operations In Response to Increased Demand

Rhea-AI Summary

Cyngn Inc. (Nasdaq: CYN) has announced an expansion of its AI-powered autonomous driving solution, DriveMod, to include outdoor operations. This development comes in response to increased demand from businesses facing challenges in efficiently moving materials across large, multi-building facilities. The enhanced DriveMod Tugger will now be capable of seamlessly transitioning between indoor and outdoor environments, allowing organizations to automate repetitive workflows and optimize resource allocation.

This expansion addresses a significant pain point for businesses, particularly in logistics, manufacturing, and distribution sectors, where time-consuming material transport between buildings results in lost productivity. By automating these tasks, Cyngn aims to help companies eliminate inefficiencies and redirect workers to higher-value responsibilities, potentially unlocking substantial cost savings and operational improvements.

Positive

• Expansion of DriveMod capabilities to include outdoor operations
• Addressing increased demand from businesses for more comprehensive automation solutions
• Potential for significant cost savings and operational efficiency improvements for customers
• Broadening market reach by catering to diverse operational environments

Negative

• None.

MENLO PARK, Calif., Sept. 10, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) today announced that its AI-powered autonomous driving solution, DriveMod, will be able to operate in outdoor environments. Organizations will be able to send the DriveMod Tugger on missions that go indoors and outdoors, giving facility managers even more opportunity to automate repetitive workflows and shift employees over to more interesting, higher-value tasks.

As modern warehouses and manufacturing complexes grow ever larger—many surpassing 200,000 square feet and spanning multiple buildings—the challenge of efficiently moving materials from point A to point B becomes increasingly complex. By extending DriveMod's capabilities outdoors, Cyngn provides organizations with a solution that eliminates bottlenecks in material movement, from transporting goods between outdoor storage areas to facilitating smoother transitions across multi-building facilities.

"One of the biggest pain points businesses face is the wasted time and resources involved in transporting materials between buildings," said Sean Stetson, Cyngn's VP of Engineering. "This time-consuming task ties up equipment and pulls workers away from where they're most needed, resulting in expensive lost productivity. By automating these tasks, companies can eliminate these inefficiencies, shifting workers to other responsibilities."

Given the costly challenge of moving materials between buildings in a large site, several companies have engaged Cyngn to automate outdoor operations. By integrating customer feedback into our roadmap, Cyngn will address the complex challenge of efficient outdoor material movement, unlocking significant operational potential and cost savings for organizations looking to improve resource utilization and maximize productivity.

The ability to operate outdoors opens new doors for DriveMod users. It empowers facility managers to automate the movement of goods in previously manual outdoor workflows, creating a fully connected system between indoor and outdoor operations. This capability has the potential to unlock cost savings and increase operational efficiency across industries like logistics, manufacturing, and distribution.

"Businesses are asking for more than just indoor efficiency. As a result, this marks a major milestone in broadening our reach and catering to the diverse needs of customers," said Cyngn Chief Executive Officer, Lior Tal. "The future of automation isn't just about optimizing indoor spaces; it's about creating smarter, more flexible solutions that cater to the full spectrum of operational environments."

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).

Find Cyngn on:

• Website: https://cyngn.com
• Twitter: http://twitter.com/cyngn
• LinkedIn: https://www.linkedin.com/company/cyngn
• YouTube: https://www.youtube.com/@cyngnhq

Investor Contact:
Don Alvarez
investors@cyngn.com 

Media Contact:
Luke Renner
media@cyngn.com 

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 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.

 

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SOURCE Cyngn

FAQ

What new feature has Cyngn (CYN) announced for its DriveMod solution?

Cyngn has announced that its DriveMod autonomous driving solution will now be able to operate in outdoor environments, in addition to indoor operations.

How will the outdoor capability of DriveMod Tugger benefit Cyngn's (CYN) customers?

The outdoor capability will allow customers to automate material movement between buildings, eliminate inefficiencies, and shift workers to higher-value tasks, potentially leading to significant cost savings and improved productivity.

What industries are likely to benefit from Cyngn's (CYN) expanded DriveMod capabilities?

Industries such as logistics, manufacturing, and distribution are likely to benefit from Cyngn's expanded DriveMod capabilities, particularly those with large, multi-building facilities.

Why did Cyngn (CYN) decide to expand DriveMod's capabilities to outdoor operations?

Cyngn expanded DriveMod's capabilities in response to increased demand from businesses facing challenges in efficiently moving materials across large, multi-building facilities.