MENLO PARK, Calif., Nov. 7, 2024 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) has announced progress of its proprietary computer vision (CV) technology for industrial autonomous machines, built on NVIDIA accelerated computing. This announcement showcases the cutting-edge capabilities of Cyngn's DriveMod solutions, highlighting how NVIDIA hardware and CUDA acceleration libraries have enabled Cyngn to develop differentiated self-driving features with artificial intelligence (AI), CV, and localization and mapping.
The DriveMod system has been successfully deployed on material handling vehicles from established manufacturers like BYD, Motrec, and Columbia Vehicle Group, catering to a diverse range of clients from private manufacturing and distribution companies to Fortune 100s like John Deere.
In collaboration with Arauco, which pre-ordered 100 DriveMod Forklifts last summer, Cyngn leveraged NVIDIA technologies to introduce sophisticated features to advance the capabilities of autonomous machines in industrial settings. The DriveMod Forklift showcases exciting capabilities in computer vision, including enumeration of the number of pallets in a tall stack and detection of non-standard pallet pockets.
For full details, see Cyngn's blog post.
"Cyngn has been a part of the NVIDIA Inception program since our early days working on AI technology," said Cyngn's Chairman and Chief Executive Officer, Lior Tal. "Seeing years of collaboration evolve from research and development to deploying unique product features for end customers is not only exciting, but it is also a testament to the power of NVIDIA's cutting-edge technologies."
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).
Where to find Cyngn:
Investor Contact:
Don Alvarez, CFO
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Media Contact:
Luke Renner, Head of Marketing
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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 Securities Exchange Commission (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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