Cyngn Inc. yesterday said that it secured $33 million in funding late last month. The company plans to use the funding to scale the production and deployment of its autonomous tuggers and forklifts.

“This capital infusion strengthens our ability to fund operations, drive commercialization, and continue investing in groundbreaking autonomous vehicle technologies,” stated Lior Tal, chairman and CEO of Cyngn.

“With increasing demand for automation solutions, especially in the automotive, heavy machinery, and logistics industries, this funding allows us to build on recent momentum, including our upcoming autonomous forklift launch and other strategic advancements,” he added.

Forty one percent of warehouse managers have reported an inability to attract and retain workers, according to Cyngn. In addition, labor shortages are affecting 76% of today’s supply chain operations, reported a Descartes study.

In response, the smart manufacturing market could grow from $304 billion in 2024 to $1.3 trillion by 2034, estimated Precedence Research. This growth is driven by increasing demand for efficiency and workforce augmentation. Companies across logistics, warehousing, and manufacturing are accelerating automation initiatives to address rising operational costs.

Cyngn said its systems are powered by artificial intelligence and advanced autonomy. The company claimed that its automated forklifts and DriveMod Tuggers provide a path for businesses to integrate self-driving vehicles into their workflows and address these ongoing challenges.

With its latest funding, Cyngn said it remains focused on scaling robotics deployments, accelerating product innovation, and expanding its market reach. The company has begun accepting orders for its DriveMod Forklift.

To learn more about the future of autonomous off-highway vehicles, hear keynote speeches about the latest innovations in the field, and visit a wide array of exhibitors, book your place to attend the 4th Autonomous Off-Highway Machinery Technology Summit will be taking place May 21-22, 2025 in Berlin, Germany.

For more information, click here or email us at info@innovatrix.eu for the event agenda.

Source:

The Robot Report