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PARK, Calif., Oct. 21
,2024 /PRNewswire/ -- Today, Cyngn announced that its
autonomous DriveMod Forklift has completed its first paid
autonomous deployment at a customer facility, marking an important
milestone in the commercialization of the next vehicle in Cyngn's
Enterprise Autonomy Suite (EAS) portfolio. Built with an array of
safety systems, including 360° high-definition perception and
Cyngn's Virtual Bumper technology, the DriveMod Forklift safely
navigates dynamic environments while attaining high operational
precision.
Details on this customer's forklift use case are being kept
confidential at this time, but this achievement demonstrates the
DriveMod Forklift's capability to execute the work required at a
large customer facility. This milestone sets up the critical next
steps of commercialization for the DriveMod Forklift, which include
building and selling additional units in preparation for
integration into this customer's operations, which is targeted for
the first half of 2025.
"The DriveMod Forklift represents the holy grail of automation.
This is one of the few machines that can autonomously accomplish
entire material moving flows, from A-to-Z, without requiring human
intervention," said Ben Landen, VP
of Business Development at Cyngn. "This means that the market for
autonomous forklifts is among the largest in comparison to other
material handling vehicles, and we've carved out a differentiated
niche by targeting heavy loads on non-standard pallets. This
achievement allows us to validate and showcase the forklift's
capabilities in real-world, high-throughput settings that capture
significant value for our customer."
The DriveMod Forklift leverages advanced AI and proprietary
computer vision to analyze pallet stack and pocket dimensions in
real time, enabling the precise handling of loads over 10,000 lbs
(4,545 kg) and elevating productivity. Customers can control the
DriveMod Forklift via Cyngn Insight, the Company's sleek fleet
management system that enables real-time vehicle monitoring,
operational analytics, and centralized mission planning.
The DriveMod Forklift has a history of successful technological
and commercial advancement. In the fall of 2022, Cyngn announced
that it had signed a contract with a building materials
manufacturer to begin development. By the summer of 2023, Cyngn
revealed the first footage of the autonomous forklift and soon
followed up with an announcement that the building manufacturer,
Arauco, had pre-ordered 100 DriveMod Forklifts.
The DriveMod Forklift is now available for additional
deployments on a select basis. Visit
https://www.cyngn.com/vehicles/autonomous-forklift to learn more or
explore the Cyngn Press Kit for additional images.
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: cyngn.com
- Twitter: twitter.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Investor Contact:
Don Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act and
other securities laws. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" and similar
expressions or variations of such words are intended to identify
forward-looking statements. Forward-looking statements are not
historical facts, and are based upon management's current
expectations, beliefs and projections, many of which, by their
nature, are inherently uncertain. Such expectations, beliefs and
projections are expressed in good faith. However, there can be no
assurance that management's expectations, beliefs and projections
will be achieved, and actual results may differ materially from
what is expressed in or indicated by the forward-looking
statements. Forward-looking statements are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed 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. 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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SOURCE Cyngn