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MENLO PARK, Calif. - Cyngn Inc. (NASDAQ:CYN), a developer of autonomous vehicle (AV) technology with a current market capitalization of $8.16 million, has received a notice of allowance for a new patent that promises to enhance the modularity of sensor systems in industrial machines. According to InvestingPro analysis, the company appears undervalued at its current price of $4.66. The patent, titled "Modular Sensor System For Automated Guided Vehicles," is designed to be adaptable to a variety of industrial machines with different geometries and operational constraints.
This latest development is a continuation of Cyngn’s efforts to advance its intellectual property (IP) portfolio, which includes 22 patents granted between 2023 and 2024. While the company generated revenue of $0.41 million in the last twelve months, Lior Tal, CEO of Cyngn, highlighted the company’s commitment to innovation and IP protection as key to its strategy for scaling their DriveMod solution and achieving long-term technological and commercial differentiation.
The notice of allowance is a critical step in the patent application process and, once finalized, will contribute to Cyngn’s growing collection of patents. These patents cover a range of technologies crucial to autonomous driving, such as perception, navigation, and mapping.
Cyngn’s DriveMod technology is designed to enable industrial organizations to integrate self-driving capabilities into their operations without significant upfront costs or infrastructure changes. The technology is already in use in Motrec MT160 Tuggers and BYD Forklifts, addressing challenges like labor shortages and safety incidents in the industrial sector.
The company’s patent portfolio reflects its focus on the modularity and flexibility of AV systems, accommodating multiple sensor modalities and configurations. This approach is in line with Cyngn’s broader mission to provide innovative solutions to the manufacturing and logistics industries.
The information for this article is based on a press release statement from Cyngn. InvestingPro analysts maintain a bullish outlook with a $12 price target, suggesting significant upside potential. Get exclusive access to detailed financial analysis and more than 30 additional ProTips for Cyngn with an InvestingPro subscription.
In other recent news, Cyngn Inc. announced the issuance of its 22nd U.S. patent, focusing on cloud-based computation for autonomous vehicles. This development aims to reduce the need for onboard computing hardware, potentially lowering costs and improving efficiency. In another update, Cyngn has regained compliance with Nasdaq listing rules by meeting the minimum bid price requirement, ensuring its stock remains listed on the exchange. CEO Lior Tal expressed satisfaction with this achievement, emphasizing the company’s commitment to strong corporate governance and technological advancements. Additionally, Cyngn’s CEO was awarded a $1 million bonus, comprising a $300,000 contractual bonus and a $700,000 discretionary bonus. The decision reflects the company’s recognition of Tal’s contributions, although specific performance metrics were not disclosed. These developments underscore Cyngn’s ongoing efforts to strengthen its position in the autonomous vehicle industry.
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