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Investing.com -- Cyngn (NASDAQ:CYN) stock surged 18% following a shareholder update revealing the company has secured $32 million in funding that will support operations through 2027.
The autonomous vehicle technology company completed the capital raise last week by fully utilizing its shelf registration, strengthening its balance sheet without the need for additional near-term financing. Cyngn’s DriveMod autonomous technology has been deployed across multiple industries including manufacturing, automotive, logistics, and consumer packaged goods.
In response to growing demand, Cyngn has relocated to a larger headquarters in Mountain View, California, featuring expanded test and demonstration areas to support product development and on-site selling activities. The company has also formed a partnership with NVIDIA (NASDAQ:NVDA) to accelerate development through the use of NVIDIA’s Isaac Sim simulation environment.
The company reported that its autonomous DriveMod vehicles are now operating continuously in warehouse and factory settings, delivering improvements in safety, productivity, and labor costs. Cyngn has been granted 23 patents to date, reflecting its ongoing innovation in industrial autonomy.
CEO Lior Tal emphasized the company’s increasing use of generative AI and AI agents across its R&D, product development, and customer-facing tools, which he described as "a force multiplier" enabling teams to work more efficiently without proportional resource increases.
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