Cyngn, which develops autonomous driving software for commercial and industrial vehicles, filed on Friday with the SEC to raise up to $36 million.
Cyngn is an autonomous vehicle (AV) technology company focused on addressing industrial uses for AVs. The company is developing an Enterprise Autonomy Suite (EAS) that leverages advanced in-vehicle autonomous driving technology and incorporates supporting technologies like data analytics, fleet management, cloud, and connectivity. It expects its technology to generate revenue through two main methods: deployment and EAS subscriptions. EAS is not yet commercially available and both the components and the combined solution are still under development, though components of EAS have already been used for a paid customer trial and pilot deployments. Cyngn intends to start marketing EAS to customers in 2022.
The Menlo Park, CA-based company was founded in 2013 and plans to list on the Nasdaq under the symbol CYN. Cyngn filed confidentially on July 28, 2021. Aegis Capital Corp. is the sole bookrunner on the deal. No pricing terms were disclosed.
