Cyngn announced that it has raised $33 million in funding. This funding positions the company to accelerate its growth and deliver on its mission to proliferate industrial autonomous vehicles. And Cyngn enters this year with strong momentum, utilizing its latest financing to scale production and deployment of autonomous industrial vehicles.
Some of the key milestones include:
1.) Advancing Autonomous Forklift Development – Cyngn announced its first paid autonomous forklift deployment in October. The company plans to expand the availability of its Autonomous DriveMod Forklift.
2.) Expanding Customer Deployments – Recently, the company announced deployments at major organizations across multiple industries, including defense and automotive manufacturing.
3.) Growing Partnerships – The company continues strengthening collaborations with OEMs and industry leaders to drive innovation and deliver scalable automation solutions.
Automation is transforming industrial operations as autonomous vehicles play a significant role in enhancing productivity and safety. And companies across logistics, warehousing, and manufacturing are accelerating automation initiatives to address labor shortages and rising operational costs.
A large percentage of warehouse managers have reported an inability to attract and retain workers, and 76% of today’s supply chain operations are being impacted by labor shortages. Cyngn’s solutions, powered by AI and advanced autonomy, provide a seamless path for businesses to integrate self-driving vehicles into their workflows and address these ongoing challenges.
With this funding, Cyngn remains focused on scaling its autonomous vehicle deployments, accelerating product innovation, and expanding its market reach. As the company begins accepting orders for its autonomous DriveMod Forklift, it is well-positioned to shape the future of industrial automation.
KEY QUOTE:
“This capital infusion strengthens our ability to fund operations, drive commercialization, and continue investing in groundbreaking autonomous vehicle technologies. With increasing demand for automation solutions, especially in the automotive, heavy machinery and logistics industries, this funding allows us to build on recent momentum, including our upcoming autonomous forklift launch and other strategic advancements.”
– Lior Tal, Chairman and CEO of Cyngn
