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PARK, Calif., March 14,
2024 /PRNewswire/ -- Cyngn Inc. (the "Company"
or "Cyngn") (Nasdaq: CYN) today announced its strategic partnership
with RobotLAB, a premier robotics integrator that has deployed over
10,000 robots with customers across the globe. As a part of this
partnership, RobotLAB will purchase ten fully-autonomous DriveMod
Tuggers from Cyngn to establish an initial fleet for sale to end
customers. The partnership paves the way for joint sales efforts
that present exciting revenue growth opportunities for both
companies.
This collaboration expands the Cyngn Dealer Network, aimed at
accelerating the widespread adoption of Cyngn's AI-powered
autonomous vehicle solutions. With RobotLAB, Cyngn's DriveMod
Tuggers will be sold, deployed, and serviced at scale by a partner
that has almost two decades of experience as a leading robotics
specialists. RobotLAB recently announced its plans to further
expand its scale by rolling out locations all across the
country.
RobotLAB is already a trusted partner for leading brands,
including being the premiere distributor for United Robotics
Group's NAO and Pepper humanoid robots since 2009, which boast more
than 7,500 deployments as of 2023. Additionally, RobotLAB offers
solutions from Bear Robotics and LG Robotics, further highlighting
its expertise and extensive reach in the robotics industry.
"We are thrilled to be working with Cyngn to introduce the power
of industrial automation and provide their innovative AI-powered
DriveMod Tuggers to our nationwide network. As the demand for
robots and AI adoption continues to rapidly grow, our collaboration
brings incredible opportunities. This partnership not only enables
us to diversify our offerings and strengthen our product
offerings towards warehouse and logistics service companies," said
Elad Inbar, Founder and Chief
Executive Officer of RobotLAB.
"Having successfully deployed more than 10,000 robots across the
globe over the past decade, we have full confidence in RobotLAB's
ability to expand our commercial reach," said Lior Tal, Chairman and Chief Executive Officer
of Cyngn. "Their extensive presence across North America as a leading robotics specialist
gives us access to broad customer bases. This is a perfect example
of a complementary partnership that allows each company to leverage
its strengths, with Cyngn bringing our AI and advanced autonomy
technology and RobotLAB applying its technical expertise in
applying AI and robotics with customers."
About Cyngn
Cyngn develops and deploys scalable, differentiated autonomous
vehicle technology for industrial organizations. Cyngn's
self-driving solutions allow existing workforces to increase
productivity and efficiency. The Company addresses significant
challenges facing industrial organizations today, such as labor
shortages, costly safety incidents, and increased consumer demand
for eCommerce.
Cyngn's DriveMod Kit can be installed on new industrial vehicles
at end of line or via retrofit, empowering customers to seamlessly
adopt self-driving technology into their operations without high
upfront costs or the need to completely replace existing vehicle
investments.
Cyngn's flagship product, its Enterprise Autonomy Suite,
includes DriveMod (autonomous vehicle system), Cyngn Insight
(customer-facing suite of AV fleet management, teleoperation, and
analytics tools), and Cyngn Evolve (internal toolkit that enables
Cyngn to leverage data from the field for artificial intelligence,
simulation, and modeling).
About RobotLAB
Since 2007, RobotLAB has guided businesses to dramatic
bottom-line increases by helping them harness and leverage the
immense power of automation. Catering to an array of economically
critical industries that span education, finance, healthcare,
logistics, and hospitality, RobotLAB provides robotic business
solutions that improve ROI and enhance the user experience. With a
multitude of in-house teams and department specialists, the company
remains focused on a seamless integration process that begins with
an in-depth assessment of client needs. Sales and delivery experts
ensure proper product immersion while implementation and
installation professionals ensure peak performance. In a world
replete with business uncertainties, RobotLAB ensures operational
consistency through technology. In 2023, RobotLAB launched the
first robotics integration franchise program to best serve growing
demand for robotics across the U.S. in nearly all business sectors.
To franchise with RobotLAB, visit www.RobotLAB.com/franchise.
Find Cyngn on:
- Website: https://cyngn.com
- Twitter: https://twitter.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Investor/Media Contact: Bill
Ong, bill@cyngn.com; 650-204-1551
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Any
statement that is not historical in nature is a forward-looking
statement and may be identified by the use of words and phrases
such as "expects," "anticipates," "believes," "will," "will likely
result," "will continue," "plans to," "potential," "promising," and
similar expressions. These statements are based on management's
current expectations and beliefs and are subject to a number of
risks, uncertainties and assumptions that could cause actual
results to differ materially from those described in the
forward-looking statements, including the risk factors described
from time to time in the Company's reports to the SEC, including,
without limitation the risk factors discussed in the Company's
annual report on Form 10-K filed with the SEC on March 7, 2024. Readers are cautioned that it is
not possible to predict or identify all the risks, uncertainties
and other factors that may affect future results No forward-looking
statement can be guaranteed, and actual results may differ
materially from those projected. Cyngn undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future events, or otherwise.
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