Cyngn, which develops autonomous driving software for commercial and industrial vehicles, raised $26 million by offering 3.5 million shares at $7.50, the low end of the range of $7.50 to $9.50.
Backed by Benchmark Capital, the pre-revenue company intends to begin marketing its Enterprise Autonomy Suite (EAS) to customers in 2022.
Cyngn plans to list on the Nasdaq under the symbol CYN. Aegis Capital acted as sole bookrunner on the deal.
