Cyngn, which makes an autonomous driving platform for forklifts and tuggers, has raised $32 million in backing and says it has moved into a larger headquarters facility in Mountain View, California, with plans to drive growth and innovation in autonomous vehicle solutions through 2027.
The new financing comes just six months after the company raised $33 million and announced a series of belt-tightening moves to reduce corporate spending. The latest money comes from a maneuver by the publicly traded company to sell blocks of its corporate stock to “a single institutional investor” in tranches of $15 million and of $17.2 million.
According to Cyngn, its technology is now running on autonomous vehicles operating in warehouse aisles and across factory floors at customer sites in the manufacturing, automotive, logistics, and consumer packaged goods (CPG) sectors. The company says its products address “significant challenges facing industrial organizations today, such as labor shortages and costly safety incidents.”
Cyngn’s autonomous driving technology—called DriveMod—is currently available on Motrec MT-160 Tuggers and BYD Forklifts. The DriveMod Tugger hauls up to 12,000 lbs, travels inside and out, and targets a typical payback period of less than 2 years. The DriveMod Forklift lifts heavy loads that use non-standard pallets and is currently available to select customers, the firm said.
