Cyngn enters the year with strong momentum, leveraging its latest financing to scale production and deployment of DriveMod Tuggers and advance commercial release of DriveMod Forklifts.

MENLO PARK, Calif., Jan. 14, 2025 /PRNewswire/ — Cyngn Inc. (Nasdaq: CYN) today announced that it has secured $33 million in funding. This funding positions the company to accelerate its growth and deliver on its mission to proliferate industrial autonomous vehicles.

“This capital infusion strengthens our ability to fund operations, drive commercialization, and continue investing in groundbreaking autonomous vehicle technologies,” said Lior Tal, Chairman and CEO of Cyngn. “With increasing demand for automation solutions, especially in the automotive, heavy machinery and logistics industries, this funding allows us to build on recent momentum, including our upcoming autonomous forklift launch and other strategic advancements.”

2024 Operational Highlights and Roadmap

Cyngn enters the year with strong momentum, leveraging its latest financing to scale production and deployment of autonomous industrial vehicles.

Key milestones include:

Advancing Autonomous Forklift Development – In October, Cyngn announced its first paid autonomous forklift deployment. The company plans to expand the availability of its Autonomous DriveMod Forklift.Expanding Customer Deployments – In recent weeks, the company announced deployments at major organizations across multiple industries, including defense and automotive manufacturing.Growing Partnerships – The company continues to strengthen collaborations with OEMs and industry leaders to drive innovation and deliver scalable automation solutions.

The Growing Autonomous Industrial Vehicle Market

Automation is transforming industrial operations, with autonomous vehicles playing a critical role in enhancing productivity and safety. According to industry estimates, the smart manufacturing market is predicted to grow from $223.6 billion to an impressive $985.5 billion by 2032, driven by increasing demand for efficiency and workforce augmentation.

Companies across logistics, warehousing, and manufacturing are accelerating automation initiatives to address labor shortages and rising operational costs. 41% of warehouse managers have reported an inability to attract and retain workers and 76% of today’s supply chain operations are being impacted by labor shortages. Cyngn’s solutions, powered by AI and advanced autonomy, provide a seamless path for businesses to integrate self-driving vehicles into their workflows and address these ongoing challenges.

Fueling the Future of Industrial Autonomy

With this funding, Cyngn remains focused on scaling its autonomous vehicle deployments, accelerating product innovation, and expanding its market reach. As the company begins accepting orders for its autonomous DriveMod Forklift, it is well-positioned to shape the future of industrial automation.

About Cyngn

Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn’s self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.

Cyngn’s DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.

Cyngn’s flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling). For all terms referenced within, please refer to the Company’s annual report on Form 10-K with the SEC filed on March 7, 2024.

Where to find Cyngn:

Website: https://cyngn.comX: https://x.com/cyngnLinkedIn: https://www.linkedin.com/company/cyngnYouTube: https://www.youtube.com/@cyngnhq

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as “expects,” “anticipates,” “believes,” “will,” “will likely result,” “will continue,” “plans to,” “potential,” “promising,” and similar expressions. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company’s reports to the Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company’s annual report on Form 10-K filed with the SEC on March 7, 2024. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Investor Contact:
Donald Alvarez, CFO
investors@cyngn.com 

Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com 

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SOURCE Cyngn

MANCHESTER, England, Jan. 14, 2025 /PRNewswire/ — Smartkem (Nasdaq: SMTK), which is seeking to change the world of electronics using its disruptive organic thin-film transistors (OTFTs), recapped its key accomplishments for 2024 and set its goals 2025.

CEO Statement
Smartkem Chairman and Chief Executive Officer, Ian Jenks commented, “2024 was a pivotal year for Smartkem. In December, we raised $7.65 million and, together with our collaboration partner, were awarded a $1.1 million grant for a project to develop the world’s first rollable, transparent microLED display. We uplisted to Nasdaq, increasing trading liquidity and broadening access to investors. We made significant strides in our plans to commercialize our proprietary semiconductor materials with strategic partnerships and collaborations with industry-leaders. We believe we have strengthened our position as a key player in the market for microLED displays, as well as packaging solutions for advanced computing and AI chips and CMOS for smart sensors. Looking toward 2025, we are focused on achieving qualifications and design wins with existing and new collaborations. We believe our technology will help drive adoption of advanced display and other technologies, with the microLED industry projected to grow from $150 million in 2024 to over $4 billion by 2031.1″

Smartkem 2024 Highlights:

Entered multiple strategic partnerships and collaborations with industry-leading display manufacturers in Asia, North America, and Europe:AUO to jointly develop the world’s first advanced rollable, transparent microLED display;FlexiIC to develop low-cost, rapid turnaround custom circuits using organic transistor technology and a new generation of low-power CMOS-enabled smart sensor devices;ITRI (Industrial Technology Research Institute) to enable product prototyping on its Gen 2.5 equipment;Chip Foundation to co-develop a new generation of microLED-based backlight technology for Liquid Crystal Displays;Shanghai Tianma Microelectronics to develop OTFT-based microarray biochips to amplify and process signals generated by TFT-based sensor devices; andRiTdisplay to manufacture a new type of active-matrix OLED display.Increased IP to 138 patents and 40 codified trade secrets, strengthening Smartkem’s competitive advantage in the rapidly evolving organic materials electronics industry.Uplisted to Nasdaq.Awarded a grant in partnership with AUO from the 2024 Taiwan-UK Research & Development Collaboration.Exhibited and presented at key trade events, including Touch Taiwan 2024 and Display Week 2024 in San Jose, where CEO Ian Jenks gave the DSCC / SID Business Conference keynote speech.

2025 Goals:

Ship the first installment of Smartkem’s materials to Chip Foundation under our collaboration to develop a new generation of microLED-based backlight technology for Liquid Crystal Displays.Sign a Joint Development Agreement (JDA) for a chip-first microLED display.Complete qualification of Gen 2.5 ITRI process line.Enter into additional collaborations and/or co-development agreements that further advance our technology toward commercialization.

“We thank our stockholders for their continued support and look forward to updating you on our progress throughout the year,” concluded Jenks.

About Smartkem
Smartkem is seeking to reshape the world of electronics with its disruptive organic thin-film transistors (OTFTs) that have the potential to revolutionize the display industry.  Smartkem’s patented TRUFLEX® liquid semiconductor polymers can be used to make a new type of transistor that can be used in a number of display technologies, including next generation microLED displays. Smartkem’s organic inks enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost displays that outperform existing technology.

Smartkem develops its materials at its research and development facility in Manchester, UK and provides prototyping services at the Centre for Process Innovation (CPI) at Sedgefield, UK. It has a field application office in Taiwan. The company has an extensive IP portfolio including 138 granted patents across 18 patent families and 40 codified trade secrets. For more information, visit our website or follow us on LinkedIn.

Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on Smartkem Inc.’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or elated expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.

1 2024 Omdia Report

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SOURCE SmartKem, Inc.

Investment supports Access Healthcare’s plans to accelerate transformation of revenue management
for healthcare organizations

NEW YORK and DALLAS, Jan. 14, 2025 /PRNewswire/ — Access Healthcare, a leading technology-enabled platform for revenue cycle management (RCM), today announced a strategic investment from affiliates of New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented investment firm with approximately $55 billion in assets under management. This investment will support Access Healthcare’s next phase of growth, focusing on advancing its capabilities in artificial intelligence, workflow automation, product development, and expanding into new markets. The Access Healthcare leadership team will continue to steer the organization and lead this next stage of growth and innovation.

Access Healthcare partners with many of the largest U.S.-based healthcare organizations to deliver best-in-class revenue cycle operations allowing providers to drive operational efficiency, reduced costs, and improve care for patients. Access Healthcare has built one of the most efficient RCM platforms in the industry processing more than 400 million transactions annually. The platform combines data, proprietary workflow automation, and deep healthcare domain expertise to drive value for healthcare organizations.

Serial-entrepreneurs Anurag Jain and Vardhman Jain founded Vision Healthsource in 1997, a leading provider of billing and claims solutions for healthcare organizations. Vision Healthsource was later acquired by Perot Systems and subsequently by Dell Services in 2009. This pioneering model of leveraging technology and automation at scale alongside exceptional talent, was embedded in the DNA of Access Healthcare. Access Healthcare’s global delivery centers, domain expertise, and technology platform are among its most valuable differentiators.

“Healthcare organizations are facing unprecedented challenges in navigating complex reimbursement systems and the need to maintain financial sustainability,” said Anurag Jain, Chairman and CEO of Access Healthcare. “New Mountain has a strong track record of partnering with founder-led businesses, and I am confident that, together, we can accelerate our efforts to support clients to overcome these obstacles. By delivering innovative, technology-driven solutions to clients, our platform not only improves their financial performance but also enhances the overall patient experience.”

“This is an exciting announcement that marks a significant milestone for Access Healthcare. Through our partnership with New Mountain, we are positioned to scale more rapidly, invest in next-generation technologies, and continue providing the platform upon which our clients rely. By combining our strengths, we will drive innovative solutions and create even greater value for the healthcare industry,” said Vardhman Jain, Vice Chairman of Access Healthcare.

“Since inception, we have focused on delivering exceptional service quality and building a world-class workforce,” said Shaji Ravi, President and Managing Director of Access Healthcare. “This partnership brings strategic support to accelerate growth and cement our position as a market leader. Most importantly, unparalleled professional development opportunities will be unlocked for the very people who have been central to our success from the beginning.”

Kumar Shwetabh, President and Chief Growth Officer of Access Healthcare added, “We have experienced exceptional growth by prioritizing our clients and consistently exceeding their expectations. This partnership with New Mountain will accelerate growth opportunities for our employees and bring transformative outcomes to our clients.”

“We have long admired the Access Healthcare business, its leadership team, and the company’s reputation for world-class service quality, client outcomes, and innovation in the healthcare revenue cycle management space,” said Matt Holt, Managing Director and President, Private Equity at New Mountain. “New Mountain’s deep experience in healthcare and provider technology, as well as its philosophy of building great businesses will help accelerate Access Healthcare in this next phase of growth. We are excited to support Access Healthcare as the company advances its strategic vision of becoming a leading revenue management platform for healthcare providers by investing in cutting-edge technology and AI capabilities, while building on its strong market reputation and client relationships.”

About Access Healthcare

Access Healthcare, founded in 2011 and based in Dallas, Texas, is a leading technology-enabled revenue cycle management platform that serves as a trusted partner to healthcare providers and stakeholders, that delivers significant savings for its clients by optimizing operations across the front-end, mid-cycle, and back-end of the revenue cycle. For more information on Access Healthcare, please visit: https://www.accesshealthcare.com/.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than excessive risk, as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with nearly $55 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information, visit: www.newmountaincapital.com.

Media Contacts

Access Healthcare
Jeanne Culver / Sydney Street
Culver Public Relations
jeanne@culverpr.com
sydney@culverpr.com

New Mountain Capital
Dana Gorman / Lisa Pham
H/Advisors Abernathy
(212) 237-5999
dana.gorman@h-advisors.global / lisa.pham@h-advisors.global

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SOURCE Access Healthcare