Cyngn Raises $33 Mln To Scale Autonomous Vehicle Deployments, Fuel Growth; Stock Up

(RTTNews) - Shares of Cyngn Inc. (CYN) were gaining around 11% in pre-market activity on the Nasdaq after the company announced Tuesday that it has secured $33 million in funding to accelerate its growth and deliver on its mission to proliferate industrial autonomous vehicles.

The firm said the funding positions it to scale production and deployment of DriveMod Tuggers and advance commercial release of DriveMod Forklifts.

Cyngn noted that it now could scale its autonomous vehicle deployments, accelerate product innovation, and expand its market reach. The company begins accepting orders for its autonomous DriveMod Forklift, it said.

Lior Tal, Chairman and CEO of Cyngn, said, "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."

According to industry estimates, the smart manufacturing market is predicted to grow to $985.5 billion from $223.6 billion by 2032, driven by increasing demand for efficiency and workforce augmentation.

Cyngn said its 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.