Shares of Cyngn Inc. (CYN) rose approximately 11% in pre-market trading on the Nasdaq following the company's announcement on Tuesday of securing $33 million in funding. This financial backing aims to enhance Cyngn's growth and further its mission of promoting industrial autonomous vehicles.
This new funding is set to bolster the company's ability to increase production and deployment of its DriveMod Tuggers and accelerate the commercial release of the DriveMod Forklifts. Cyngn emphasized its readiness to expand autonomous vehicle deployments, foster product innovation, and enlarge its market presence. The company has also started accepting orders for its autonomous DriveMod Forklift.
Lior Tal, the Chairman and CEO of Cyngn, remarked, "This capital boost fortifies our capability to finance operations, enhance commercialization, and sustain investment in pioneering autonomous vehicle technologies. The rising demand for automation solutions, notably in the automotive, heavy machinery, and logistics sectors, enables us to capitalize on recent momentum, including our forthcoming launch of autonomous forklifts and other strategic initiatives."
Industry forecasts suggest that the smart manufacturing market could increase from $223.6 billion to $985.5 billion by 2032, driven by a growing need for efficiency and workforce enhancement. Cyngn highlighted that its AI-driven and advanced autonomy solutions offer businesses an effortless pathway to integrate self-driving vehicles into their operations, addressing these persistent challenges.