Cyngn (NASDAQ: CYN) stock jumped during intraday trading Wednesday after showcasing its proprietary computer vision advancements with NVIDIA accelerated computing.
Cyngn has unveiled significant progress in its proprietary computer vision (CV) technology for industrial autonomous machines, leveraging NVIDIA accelerated computing. The company said it integrated NVIDIA hardware and CUDA acceleration libraries into its DriveMod solutions to develop differentiated self-driving features with artificial intelligence (AI), CV, and localization and mapping.
According to the official press release, the company has successfully deployed the DriveMod system on material-handling vehicles from established manufacturers like BYD, Motrec, and Columbia Vehicle Group. This deployment serves diverse clients, from private manufacturing and distribution companies to Fortune 100 such as John Deere.
In partnership with Arauco, which pre-ordered 100 DriveMod Forklifts last summer, Cyngn has used NVIDIA technologies to enhance the capabilities of autonomous machines in industrial settings. The new DriveMod Forklift can now count the number of pallets in a tall stack and detect non-standard pallet pockets, demonstrating significant improvements in computer vision technology.
Cyngn’s Chairman and Chief Executive Officer, Lior Tal said,
“Cyngn has been a part of the NVIDIA Inception program since our early days working on AI technology. Seeing years of collaboration evolve from research and development to deploying unique product features for end customers is not only exciting, but it is also a testament to the power of NVIDIA’s cutting-edge technologies.”
Cyngn (NASDAQ: CYN) Stock Reaction
On Wednesday, CYN stock surged 7.89%, closing at $0.1025, marking a 3.48% decrease for the week. The trading volume was 168,803,152 shares, significantly higher than the average daily volume of 25.70 million.
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