Key Takeaways
- Cyngn said it raised $32 million in a shelf offering last week, and that will cover its expenses through 2027.
- The maker of autonomous industrial vehicles recently announced a collaboration agreement with Nvidia.
- Cyngn has moved to a bigger headquarters to keep up with demand.
Shares of Cyngn (CYN) took off Wednesday when the maker of self-driving industrial vehicles announced it raised enough cash in a shelf offering to cover its expenses through 2027.
CEO Lior Tal wrote in a letter to shareholders that the company brought in $32 million last week. That’s also when Cyngn made headlines by striking a collaboration agreement with Nvidia (NVDA).
Tal added that the firm’s DriveMod autonomous vehicles are “now operating in warehouse aisles and across factory floors around the clock, delivering measurable improvements to safety, productivity, and labor costs.” Tal said that Cyngn machines have been deployed at several new sites across industries in recent months, including manufacturing, automotive, logistics, and consumer-packaged goods.
Tal explained that to keep up with demand, Cyngn has moved into a new, larger headquarters office in Mountain View, Calif. Tal noted that the deal with Nvidia to use the chipmaker’s Isaac robotics platform “has helped us move faster.”
Despite today’s 12% advance, Cyngn shares are down nearly 90% in 2025.
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