MENLO PARK, Calif. - Cyngn Inc. (NASDAQ:CYN), a developer of autonomous vehicle (AV) technology, has been granted its 21st U.S. patent, titled "Adaptive Object-Based Decision-Making System" for AVs. This latest patent, numbered 12,039,867, enhances the company's intellectual property portfolio and underpins its growth strategy in the AV industry.
The new patent outlines a method that allows AVs to make informed decisions by interpreting sensor data to identify and interact with objects in their environment safely. This includes navigating around slow-moving obstacles, cyclists, and avoiding blind spots around large vehicles. The system integrates these capabilities with adherence to broader traffic regulations, aiming to improve the safety and efficiency of autonomous driving.
Cyngn's CEO, Lior Tal, expressed satisfaction with the pace of innovation at the company, highlighting the importance of these patents to Cyngn's expansion plans. The company has been awarded eleven new patents since August 2023, indicating a strong focus on enhancing its AV solutions.
The patented technology is part of Cyngn's broader offering, which includes the DriveMod Kit, enabling the integration of self-driving technology into existing vehicle fleets without significant upfront investment. Cyngn's Enterprise Autonomy Suite, featuring DriveMod, Cyngn Insight, and Cyngn Evolve, provides a comprehensive solution for fleet management, teleoperation, analytics, and AI-driven improvements.
The grant of this 21st patent follows the issuance of Cyngn's 20th patent and represents a significant milestone in the company's efforts to solidify its position in the competitive AV market.
Cyngn's portfolio of patents showcases a commitment to modularity and flexibility in autonomous systems, addressing challenges such as labor shortages and the growing demand for eCommerce. The company's technology is designed to enhance productivity and safety in industrial operations.
This announcement is based on a press release statement and does not endorse the claims made by Cyngn. It is intended to provide information regarding the company's recent patent acquisition and its implications within the autonomous vehicle industry.
In other recent news, Cyngn Inc. has made significant strides in autonomous vehicle technology. The company has expanded its dealer network through a partnership with Raymond West, a distributor of intralogistics solutions. This collaboration will enable Raymond West to sell Cyngn's DriveMod Tugger, a self-driving industrial vehicle. Furthermore, Cyngn's DriveMod solution now supports outdoor operations, enhancing material transport capabilities in large industrial settings.
In addition, Cyngn has secured two new patents, bringing its total to 21. These patents focus on enhancing the precision of sensor data and improving the operation of autonomous vehicles in dynamic environments. The company has also announced a 1-for-100 reverse stock split to meet Nasdaq's minimum bid price requirement.
Moreover, Cyngn has formed strategic partnerships with brands such as John Deere (NYSE:DE), Rivian (NASDAQ:RIVN), and RobotLAB, aiming to expand its reach and enhance its autonomous vehicle offerings. These developments underscore Cyngn's commitment to innovation within the autonomous vehicle industry.
InvestingPro Insights
Cyngn's recent patent grant highlights its commitment to innovation in the autonomous vehicle sector, but a look at the company's financials reveals some challenges. According to InvestingPro data, Cyngn's market capitalization stands at a modest $8.39 million, reflecting its status as a small-cap company in the competitive AV industry.
The company's financial performance has been concerning, with a significant revenue decline. InvestingPro data shows a revenue growth of -95.27% over the last twelve months as of Q2 2024, and an even steeper quarterly revenue drop of -98.43% in Q2 2024. This substantial decrease in revenue suggests that Cyngn is facing difficulties in commercializing its technology despite its growing patent portfolio.
An InvestingPro Tip points out that Cyngn's stock price is near its 52-week low, currently at just 6.62% of its 52-week high. This price performance aligns with the company's challenging financial metrics and may indicate investor concerns about its near-term prospects.
Another relevant InvestingPro Tip notes that analysts have revised their earnings expectations downward for the upcoming fiscal year. This downward revision, coupled with the revenue decline, underscores the importance of Cyngn's patent strategy in potentially turning around its financial performance.
For investors interested in a deeper analysis, InvestingPro offers additional tips and metrics that could provide further insights into Cyngn's financial health and market position. There are 14 more InvestingPro Tips available for Cyngn, which could be valuable for those looking to make informed investment decisions in the autonomous vehicle technology sector.
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