Cyngn Inc., which develops self-driving systems for industrial applications, today announced several achievements, including “significant” customer wins, partnerships with leading OEMs, and product enhancements. The company said these accomplishments are positioning it for further growth.
“The Cyngn team has delivered exciting results this year as we continue to capitalize on the industrial sector's growing demand for autonomous utility vehicles, allowing industrial enterprises to overcome labor shortages, reduce labor costs, and enhance workplace safety in manufacturing and logistics,” stated Lior Tal, CEO of Cyngn.
The Menlo Park, Calif.-based company provides self-driving technology for industrial vehicles that it said can mitigate labor shortages, reduce safety incidents, and increase productivity to meet e-commerce demand.
Cyngn works to ease materials handling
“We conservatively estimate that the addressable market for self-driving industrial vehicles is over $200 billion today,” said Tal. “We are well-positioned to deliver the next generation of autonomous driving solutions to some of the most pressing problems in the industrial space. AI is transforming the way work gets done and given the traction we are seeing with DriveMod, Cyngn is at the forefront of that shift.”
Customers can install Cyngn's DriveMod Kit on refitted or new industrial vehicles, said the company. This enables them to adopt self-driving technology without high upfront costs or the need to replace existing investments, it noted.
DriveMod is part of Cyngn's Enterprise Autonomy Suite (EAS), which also includes the Cyngn Insight customer-facing suite of fleet management, teleoperation, and analytics tools. Cyngn Evolve is a toolkit that the company uses with field data for artificial intelligence, simulation, and modeling.
“Our main focus is material handling across logistics and manufacturing facilities,” explained Tal. “Our DriveMod Forklift launch was well-received, and we are actively working to sign up new commercial customers and deployments.”
“We have successfully completed paid development contracts with leading companies to showcase leading-edge autonomous vehicle capabilities, expanded our sales efforts, rolled out Enterprise Autonomy Suite [EAS 9.2], and expanded our engineering leadership,” he asserted.
Key 2023 milestones
Company granted 10 patents
Cyngn this week said it has received patents from the U.S. Patent and Trademark Office (USPTO) for machine learning, modularity, and enablement of multiple use cases. Since May, it has obtained four patents for a total of 10 to date.
“We are pleased to share that the USPTO recently granted us four additional patents, highlighting our novel software-centric methods for developing flexible applied autonomy, which is critical for the rapid deployment of industrial vehicle applications,” said Tal.
“Patent protection is an important consideration as we build a foundation of differentiated technology that aims to deliver unique competitive advantages to our customers through their adoption of DriveMod-enabled autonomous vehicles,” he added.
Cyngn said it has filed for 15 more U.S. patents and 20 international patents. The company said its proprietary technology stack includes more than 80 elements, ranging from sensor fusion to data-processing pipelines for industrial autonomy.
Cyngn signs customer contracts
Cyngn signed two high-profile customers for DriveMod's autonomous vehicle technology.
At the end of July, Cyngn announced an agreement with a Fortune 100 heavy machinery manufacturer to use its DriveMod Stockchaser in one of its facilities. The company uses hundreds of stockchasers in its facilities across the globe, and the initial deployment has the potential to grow.
Cyngn also announced its largest order to date. It will deploy 100 DriveMod Forklifts to Arauco, a global leader in the furniture and construction industries. This initial order represents up to $5 million per year in recurring revenue while addressing only a small portion of Arauco's existing forklift fleet.
New products and partnerships
Cyngn has expanded its partnerships with two leading manufacturers of electric industrial vehicles to integrate DriveMod.
In July, Cyngn partnered with Motrec to integrate Cyngn's autonomous technology into Motrec's electric autonomous tuggers. Motrec said its customers include GM, FedEx, Tesla, and Walmart.
Cyngn is also collaborating with BYD to add Cyngn's artificial intelligence capabilities to BYD's electric lift trucks. Their goal is to address labor shortages and consistency challenges while simultaneously enhancing safety. Cyngn said it plans to launch the DriveMod Forklifts commercially starting in 2024.
Innovative proprietary technology
Cyngn released EAS 9.0, which comes with tools that customers can use to manage and monitor their fleets from any location. The latest version of EAS allows customers to manage more data from the field and includes mission-planning capabilities, mission queuing, and vehicle performance data, said the company.
It added that the streamlined tools allow for shortened deployment timelines and largely focus on customer satisfaction, the user experience (UX), and efficiency.
Employee growth
Cyngn said it continues to hire top talent across the globe including Sean Stetson as vice president of engineering and Felix Singh as vice president of engineering services.
“Stetson's extensive experience in robotics and leading product-development teams brings invaluable skills as Cyngn continues to scale engineering and drive the development of cutting-edge AI and machine learning solutions,” said the company.
“Singh's proven track record in scaling quality assurance and large-scale robotics provides the company with growth opportunities for product development and deployment of automation technologies,” said Cyngn.
Cyngn offers real-world demos
Cyngn recently began its Autonomous Vehicle Roadshow in Sacramento, Calif. The company is visiting manufacturing and warehousing facilities in key markets across the U.S. to demonstrate the efficiency, safety, and performance of its AI-powered Autonomous Stockchaser.
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