Cyngn DriveMod-enabled Stockchaser to be on
display in Ouster booth #6541 at CES 2023
Ouster, Inc. (NYSE: OUST) (“Ouster”), a leading provider of
high-resolution digital lidar sensors, announced today that it has
signed a strategic customer agreement with Cyngn (Nasdaq: CYN), a
developer of innovative autonomous driving software solutions for
industrial and commercial applications. The agreement will add
Ouster’s new REV7 digital lidar sensors to the Cyngn DriveMod
platform that delivers autonomous solutions for both existing and
new material handling vehicles in 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230103005183/en/
Cyngn’s DriveMod-enabled Columbia
Stockchaser cargo vehicle outfit with an Ouster REV7 sensor.
(Photo: Business Wire)
Ouster will showcase Cyngn’s DriveMod platform, outfit with a
REV7 sensor, on a Columbia Stockchaser cargo vehicle in its booth
#6541 at CES 2023 in the West Hall of the Las Vegas Convention
Center from January 5-8, 2023.
Cyngn develops and deploys scalable, differentiated autonomous
vehicle technology for industrial organizations. Cyngn’s
self-driving solutions allow existing vehicle fleets to drive
themselves. Together, Ouster and Cyngn aim to provide autonomous
solutions to address significant challenges common to many
industrial organizations such as labor shortages, costly safety
incidents, and increased consumer demand for e-commerce requiring
more automation.
“Cyngn’s DriveMod was developed to support faster, more
cost-effective deployments of industrial autonomy solutions,
thereby solving major scalability and adoption issues faced by
companies interested in reaping the benefits of greater levels of
automation,” said Cyngn CEO, Lior Tal. “DriveMod simplifies what
can otherwise be a complex installation process, and requires
high-performing sensor technology such as Ouster lidar sensors,
which maximizes the vehicle’s self-driving capabilities.”
DriveMod is an all-in-one autonomy integration package that
enables the conversion of standard industrial vehicles into fully
autonomous ones by utilizing advanced lidar sensors, hardware
components, and AI software. DriveMod can be installed into new
vehicles off the assembly line or retrofitted into existing
vehicles.
“Cyngn’s platform is streamlining the adoption of autonomous
technology for industrial fleets by making it simpler to add
autonomy, powered by Ouster digital lidar, to existing and new
material handling vehicles,” said Nate Dickerman, Ouster’s
President of Field Operations. “We’re excited to support them as
they increase the number of autonomous solutions across the supply
chain, and thrilled that Cyngn will have their DriveMod system on
display at CES in the Ouster booth.”
About Ouster
Ouster (NYSE: OUST) is building a safer and more sustainable
future through its high-resolution digital lidar sensors for the
automotive, industrial, smart infrastructure, and robotics
industries. Ouster’s sensors offer an excellent combination of
price and performance with the flexibility to span hundreds of use
cases and enable revolutionary autonomy across industries. With a
global team and high-volume manufacturing, Ouster supports
approximately 700 customers in over 50 countries. Ouster is
headquartered in San Francisco, CA, with offices in the Americas,
Europe, Asia-Pacific, and the Middle East. For more information,
visit www.ouster.com, or connect with Ouster on Twitter or
LinkedIn.
About Cyngn
Cyngn is an industrial autonomous vehicle technology company.
Cyngn’s Enterprise Autonomy Suite (EAS) unifies robotaxi-level
autonomous driving software, off-the-shelf leading hardware, and
precise analytics to deliver the first of its kind autonomous
vehicle solution for industrial fleets. 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). To
learn more about Cyngn’s autonomous vehicle technologies, please
visit https://cyngn.com/ or find Cyngn on Twitter, LinkedIn, or
YouTube.
Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding Ouster’s expectations for its cost-savings
initiatives and path to profitability, as well as its technological
advancements, market opportunities, market growth expectations,
potential pipeline of customers, anticipated product releases, and
its ability to meet increased demand for autonomous solutions to
address industry-wide concerns including labor shortages and
cost-savings challenges. Forward-looking statements give Ouster’s
current expectations and projections relating to its financial
condition, competitive position, future results of operations,
plans, objectives, future orders whether binding or non-binding,
and business. You may identify forward-looking statements by the
fact that they do not relate strictly to historical or current
facts. These statements may include words such as “aim”,
“anticipate”, “estimate”, “expect”, “project”, “plan”, “forecast”,
“intend”, “believe”, “may”, “will”, “can”, “should”, “can have”,
“likely”, “guidance”, “continue”, “could”, “would”, “potentially”,
“preliminary” and other words and terms of similar meaning in
connection with any discussion of the timing or nature of future
operating or financial performance or other events. All
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially from those that
we expected, including but not limited to Ouster’s limited
operating history and history of losses; the negotiating power and
product standards of its customers; fluctuations in its operating
results; supply chain constraints and challenges; cancellation or
postponement of contracts or unsuccessful implementations; the
adoption of its products and the growth of the lidar market
generally; its ability to grow its sales and marketing
organization; substantial research and development costs needed to
develop and commercialize new products; the competitive environment
in which it operates; selection of its products for inclusion in
target markets; its future capital needs and ability to secure
additional capital on favorable terms or at all; its ability to use
tax attributes; its dependence on key third party suppliers, in
particular Benchmark Electronics, Inc., and manufacturers; its
ability to maintain inventory and the risk of inventory
write-downs; inaccurate forecasts of market growth; its ability to
manage growth; the creditworthiness of its customers; risks related
to acquisitions; risks related to international operations; risks
of product delivery problems or defects; costs associated with
product warranties; its ability to maintain competitive average
selling prices or high sales volumes or reduce product costs;
conditions in its customers’ industries; risks related to legal
proceedings; its ability to recruit and retain key personnel; its
use of professional employer organizations; its ability to
adequately protect and enforce its intellectual property rights;
its ability to effectively respond to evolving regulations and
standards; risks related to operating as a public company; risks
related to the COVID-19 pandemic; risks related to certain of its
warrants being accounted for as liabilities; and other important
factors discussed in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2021, as updated by the Company’s
Quarterly Report on Form 10-Q for the quarter ended September 30,
2022 and as any such factors may be further updated from time to
time in the Company’s other filings with the Securities and
Exchange Commission (the “SEC”), and in other reports the Company
files with or furnishes to the SEC. Any such forward-looking
statements represent management’s reasonable estimates and beliefs
as of the date of this press release. While Ouster may elect to
update such forward-looking statements at some point in the future,
it disclaims any obligation to do so, other than as required by
law, rule or regulation, even if subsequent events cause its views
to change.
This press release also contains forward looking statements with
respect to Cyngn, including with respect to Cyngn’s expectations of
the efficiency of its solutions, the challenges it believes its
solutions can address and the cost effectiveness of its solutions.
These statements are based on Cyngn’s 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 Cyngn’s reports that it files with the SEC. Cyngn undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or
otherwise. Readers are cautioned that it is not possible to predict
or identify all the risks, uncertainties and other factors that may
affect future results.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230103005183/en/
Ouster:
For Investors Sarah Ewing investors@ouster.io
For Media Heather Shapiro press@ouster.io
Cyngn: Bill Ong bill@cyngn.com
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