Intel stock spikes after report of possible US government stake
MOUNTAIN VIEW, Calif. - Industrial autonomous vehicle technology company Cyngn (NASDAQ:CYN), currently valued at $22.42 million in market capitalization, has raised $32 million in capital, providing funding through 2027, according to a statement released by the company on Wednesday.
The capital raise, completed last week, fully utilized the company’s shelf registration and strengthens its balance sheet without requiring additional near-term financing, the company said. With a current ratio of 8.49, Cyngn maintains strong short-term liquidity despite reporting an EBITDA of -$21.4 million in the last twelve months.
Cyngn’s DriveMod autonomous vehicles are currently deployed across multiple industries including manufacturing, automotive, logistics, and consumer packaged goods. The technology enables vehicles to operate continuously in warehouse aisles and factory floors, with the company claiming improvements in safety, productivity, and labor costs for its clients. InvestingPro analysts project revenue growth of 11.5% for fiscal year 2025, suggesting potential market expansion.
To support growing demand, Cyngn has relocated to a larger headquarters in Mountain View with expanded test and demonstration areas. The company has also established a partnership with NVIDIA, utilizing its Isaac Sim environment to accelerate development of new capabilities.
"We now have the resources, the technology, and the market traction to focus entirely on execution," said Lior Tal, CEO of Cyngn, in the press release statement.
The company reported it has been granted 23 patents to date and is increasingly incorporating artificial intelligence across its research and development, product development, and customer-facing tools. According to InvestingPro’s analysis, Cyngn’s overall financial health score remains weak, with current revenue at $0.41 million for the last twelve months.
Cyngn’s DriveMod technology is currently available on Motrec MT-160 Tuggers, which can haul up to 12,000 lbs, and BYD Forklifts designed to lift heavy loads with non-standard pallets.
In other recent news, Cyngn Inc. announced it has closed a $17.2 million registered direct offering with a single institutional investor. This transaction involved the sale of 2,293,333 shares of common stock and pre-funded warrants, with the proceeds intended for general corporate purposes and working capital. Additionally, Cyngn completed a separate $15 million registered direct offering, also with a single institutional investor, involving 2,994,012 shares of common stock and pre-funded warrants. Both offerings were conducted under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission.
Cyngn is collaborating with NVIDIA to showcase its autonomous vehicle technology at the Automatica 2025 robotics and automation fair. The company’s technology, powered by its DriveMod software and NVIDIA’s Isaac platform, is designed for industrial applications. The collaboration aims to enhance Cyngn’s mission to provide autonomous solutions that offer real-world returns on investment for industrial operators. The DriveMod technology is currently available on Motrec MT-160 Tuggers and BYD Forklifts, addressing industrial challenges such as labor shortages and safety concerns.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.