We are an autonomous vehicle (AV) technology company that is focused on addressing industrial uses for autonomous vehicles. We believe that technological innovation is needed to enable adoption of autonomous industrial vehicles that will address the substantial industry challenges that exist today. These challenges include labor shortages, lagging technological advancements from incumbent vehicle manufacturers, and high upfront investment commitment.
Industrial sites are typically rigid environments with consistent standards as opposed to city streets that have more variable environmental and situational conditions and diverse regulations. These differences in operational design domains (ODD) will be major factors that make proliferation of industrial AVs in private settings achievable with less time and resources than AVs on public roadways. Namely, safety and infrastructure challenges are cited as roadblocks that have delayed AVs from operating on public roadways at scale. Our focus on industrial AVs simplifies these challenges because industrial facilities (especially those belonging to a single end customer that operates similarly at different sites) share much more in common than different cities do. Furthermore, our end customers own their infrastructure and can make changes more easily than governments can on public roadways.
With these challenges in mind, we are developing an Enterprise Autonomy Suite (EAS) that leverages advanced in-vehicle autonomous driving technology and incorporates leading supporting technologies like data analytics, fleet management, cloud, and connectivity. EAS provides a differentiated solution that we believe will drive pervasive proliferation of industrial autonomy and create value for customers at every stage of their journey towards full automation and the adoption of Industry 4.0.
Note: The company has not generated revenue. Cyngn plans to start marketing its EAS to customers in 2022. It plans to earn revenue through subscriptions, including through its RaaS (Robotics as a Service) model.
(Note: Cyngn priced its IPO on Oct. 19, 2021, at $7.50 – the low end of its $7.50-to-$9.50 price range – and sold 3.53 million shares, the same number of shares in the prospectus, to raise $26.48 million.)
|Industry:||SERVICES - PREPACKAGED SOFTWARE|
|Address||1015 O’Brien Dr. Menlo Park, CA 94025|
|Phone Number||(650) 924-5905|
|Revenues||$0 mil (last 12 months)|
|Net Income||$-7.67 mil (last 12 months)|
|Price range||$7.50 - $7.50|
|Est. $ Volume||$26.5 mil|
|Manager / Joint Managers||Aegis Capital Corp.|
|Expected To Trade:||10/20/2021|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|