Funding to be used for autonomous vehicle investmentAutonomous forklift producer Cyngn has secured USD33 million in funding which it will use to “accelerate its growth and deliver on its missions to proliferate industrial autonomous vehicles”.
Cyngn chairman Lior Tal says the capital injection will be used to further invest in 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,” Tal continues.
Cyngn also announced this week the deployment of the DriveMod Tugger at the 150,000 sqft. (13,935 sqm) Tennessee manufacturing facility of full-line wheel service equipment manufacturer Coats Company.
The news follows a big 2024 for Cyngn, which announced the first paid deployment of its autonomous DriveMod forklift, launched its outdoor-adapted autonomous DriveMod Tugger, and expanded the distributor network for its tugger throughout the United States.