(MENAFN- Robotics & automation News) Cyngn raises $33 million in December to scale autonomous mobile robot business
January 15, 2025 by David Edwards
Autonomous mobile robotics developer Cyngn has secured $33 million in funding. This funding positions the company to accelerate its growth and deliver on its mission to proliferate industrial autonomous vehicles.
Lior Tal, chairman and CEO of Cyngn, says:“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.”
2024 operational highlights and roadmap
Cyngn enters the year with strong momentum, leveraging its latest financing to scale production and deployment of autonomous industrial vehicles.
Key milestones include:
Advancing autonomous forklift development – In October, Cyngn announced its first paid autonomous forklift deployment. The company plans to expand the availability of its Autonomous DriveMod Forklift.
Expanding customer deployments – In recent weeks, the company announced deployments at major organizations across multiple industries, including defense and automotive manufacturing.
Growing partnerships – The company continues to strengthen collaborations with OEMs and industry leaders to drive innovation and deliver scalable automation solutions.
The growing autonomous industrial vehicle market
Automation is transforming industrial operations, with autonomous vehicles playing a critical role in enhancing productivity and safety.
According to industry estimates, the smart manufacturing market is predicted to grow from $223.6 billion to an impressive $985.5 billion by 2032, driven by increasing demand for efficiency and workforce augmentation.
Companies across logistics, warehousing, and manufacturing are accelerating automation initiatives to address labor shortages and rising operational costs. 41 percent of warehouse managers have reported an inability to attract and retain workers and 76 percent 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.
Fueling the future of industrial autonomy
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.
MENAFN15012025005532012229ID1109094697
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.