MENLO PARK, Calif., Oct. 5, 2023 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN), a developer of AI-powered autonomous driving solutions for industrial applications, has taken a leap toward addressing the ongoing labor shortage crisis with its recent partnership with Arauco, as reported by Forbes in August 2023. The article highlights the innovative approach that Cyngn is taking to tackle this pressing issue by deploying driverless forklifts in collaboration with Arauco, a leading player in the wood and pulp products industry.
Labor shortages have been a major concern across various industries, and the logistics and manufacturing sectors have been hit particularly hard. Cyngn, known for its cutting-edge autonomous technology solutions, has stepped in to provide a game-changing solution to this problem that the US Chamber of Commerce emphasizes would persist with approximately 3.5 million jobs remaining unfilled even if every unemployed person in the country found a job.
As told to Forbes, Cyngn CEO, Lior Tal, characterizes DriveMod as an artificial intelligence tool with revolutionary capabilities like ChatGPT. DriveMod uses artificial intelligence and sophisticated software to transform industries that hinge on production and movement of goods, just as ChatGPT is revolutionizing industries that hinge on communication.
Arauco recognized the opportunity to optimize its operations amid the labor shortage, and Cyngn's expertise in autonomous technology made it the perfect partner to address this challenge. Together, the companies have embarked on a journey to integrate driverless forklifts into Arauco's operations, culminating in a 100-unit DriveMod Forklift pre-order.
Cyngn's collaboration with Arauco to deploy driverless forklifts is a significant step toward addressing the labor shortage crisis. By embracing innovation and automation, these companies are not only future-proofing their operations, but also setting a precedent for other industries to follow suit. As the partnership between Cyngn and Arauco continues to evolve, we believe, so will the transformative impact of autonomous technology on the world of logistics and manufacturing.
Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.
Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.
Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the SEC, including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 17, 2023. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
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