MENLO 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:
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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/robotlab-orders-initial-fleet-of-10-drivemod-tuggers-joins-cyngn-distributor-network-302088918.html
SOURCE Cyngn
