"This capital infusion strengthens our ability to fund operations, drive commercialization, and continue investing in groundbreaking autonomous vehicle technologies," said Lior Tal, chairman and CEO of Cyngn. "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."
The company will also focusing in producing and deploying its Drive Mod Tuggers and release its DriveMod Forklifts.
In 2024, the company reached some milestones such as advancing autonomous forklift development, expanding customer deployments and growing partnerships.
Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, allowing customers to adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.
