Cyngn, which develops autonomous driving software for commercial and industrial vehicles, announced terms for its IPO on Thursday.
The Menlo Park, CA-based company plans to raise $30 million by offering 3.5 million shares at a price range of $7.50 to $9.50. At the midpoint of the proposed range, Cyngn would command a fully diluted market value of $476 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.
Cyngn was founded in 2013 and plans to list on the Nasdaq under the symbol CYN. Aegis Capital Corp. is the sole bookrunner on the deal.
