Cyngn Inc. yesterday announced that it has raised $1.3 million under its at-the-market, or ATM, agreement through sales of its common stock. The Menlo Park, Calif.-based company said it plans to use the proceeds for general corporate purposes, including investments in commercial sales of its autonomous driving software for industrial applications.
“We are pleased with the progress of our ATM program,” said Lior Tal, chairman and CEO of Cyngn, in a press release. “The ATM program has allowed us to raise capital in a cost-effective manner to support our growth and make strategic hiring investments to our revenue teams.”
“We have seen incredible momentum in our sales activity recently,” he added. “For example, we've already added more deals to our pipeline this month than in all of Q3. This injection of capital has helped us expand our sales team and with it, our pipeline.”
Autonomy in demand
Companies today face significant challenges, such as labor shortages, costly safety incidents, and increased consumer demand for e-commerce, noted Cyngn. It said it develops and deploys scalable autonomous vehicle (AV) technology for industrial vehicles.
Cyngn claimed that its self-driving systems allow existing workforces to increase productivity and efficiency. Customers can install its DriveMod Kit on new industrial vehicles at end of line or via retrofit. This allows them adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments, the company said.
The Enterprise Autonomy Suite is Cyngn's flagship product. It includes the DriveMod AV system, the Cyngn Insight customer-facing suite of AV fleet management, teleoperation, and analytics tools.
The suite also includes Cyngn Evolve, an internal toolkit that enables Cyngn to use data from the field for artificial intelligence, simulation, and modeling. The company last week announced that it had obtained a U.S. patent for its technologies.
Cyngn sells shares
Since the commencement of the ATM program in July 2023, Cyngn has sold 1.94 million shares of common stock at an average price of $0.66 per share.
The company said it entered into the sales agreement with Virtu Americas LLC as the agent. Under the terms of the ATM agreement, Cyngn can sell up to $8.77 million of common stock from time to time in the open market at prevailing market prices.
As of Oct. 24, about $7.47 million remained available to the company for sales of its common stock under the ATM sales agreement, said Cyngn.
Editor's note: Ben Landen, vice president of business development at Cyngn, participated in last week's Robotics Applications Conference panel on how automated lift trucks are bringing intelligence to pallet handling. Register now to view this free session on demand.
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