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Cyngn Awarded Contract With a Global 1000 Industrial Company to Advance Automation Solutions
MENLO PARK, Calif.--(BUSINESS WIRE)-- Cyngn (or the “Company”) (Nasdaq: CYN), a developer of innovative autonomous driving solutions for industrial
About this update from Cyngn Inc.
[{"type":"text","content":" MENLO PARK, Calif.--(BUSINESS WIRE)--\nCyngn (or the “Company”) (Nasdaq: CYN), a developer of innovative autonomous driving solutions for industrial applications, has announced it has been awarded a multi-phase contract to implement autonomous vehicle technology by a global, large-cap company in the heavy machinery industry.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230207005197/en/Autonomous Vehicle Technology used in Mining Industry Applications (Photo: Business Wire)\nLior Tal, Cyngn’s CEO, said, “As the urgent need for autonomous industrial vehicles continues to increase, we are excited to have yet another opportunity to deliver our self-driving industrial vehicle technology to a major organization. This contract kicks off an opportunity to bring DriveMod’s differentiated autonomous vehicle technology to additional vehicle form factors that span multiple operational design domains, helping the organization continue to build on the benefits of industrial automation that they offer to their end customers — such as increased throughput, efficiency, and safety.”\n\nThe customer, whose name is being withheld for competitive reasons, is a Global 1000 company that operates in more than 100 countries across multiple industries. Cyngn has already successfully achieved initial milestones in the multi-phase agreement that is geared toward the mining industry and includes the focused advancement of modules within Cyngn’s DriveMod AV stack. Cyngn expects to recognize revenue associated with the contract as it meets future deployment targets. The collaboration spearheads the introduction of leading-edge AV and artificial intelligence solutions into the client’s industrial vehicles, including the opportunity to address vehicles already in commercial use.\n\nIn the longer-term, development that stems from this effort is expected to yield advancements to the fundamental technologies of Cyngn’s Enterprise Autonomy Suite (EAS) that will benefit the Company’s already commercially available autonomous stockchasers, autonomous forklifts (in development under a separate customer contract), and all future autonomous vehicles powered by DriveMod.\n\nCyngn’s traction in the mining sector reflects DriveMod’s capability to address multiple vehicles and applications, stemming from the ...