Reliance has backed Philadelphia-based AI and robotics startup Exyn, the Indian conglomerate disclosed in a stock exchange filing on Thursday, making further inroads in startups globally.
Reliance Strategic Business Ventures, a wholly owned subsidiary of Reliance Industries, has acquired a 23.3% stake in Exyn for $25 million, the Indian firm said.
The Indian firm’s investment is part of the lead investment in the Series B funding of the Philadelphia startup, which operates a robotic autonomy for complex, GPS-denied environments.
The AI startup “commercialises the highest level of aerial drone autonomy in the world, Autonomy Level 4 (AL4.) Exyn’s robots are able to autonomously navigate in previously inaccessible environments without a prior map, existing infrastructure (GPS, communications, etc.), or an operator in the loop. Subsequently, Exyn has established itself in a dominant position in the mining vertical with this technology and expanded into construction, warehouse, and government use cases including search & rescue and reconnaissance.”
Reliance, which operates India’s largest retail chain as well as the top telecom operator in the nation, said it will find synergies with the startup on the Indian conglomerate’s initiatives surrounding drone, industrial safety, security and robotics areas, while accelerating “Exyn’s product and technology development across multiple application areas and commercialization.”
The startup had a turnover of $4.32 million, $1.83 million and $0.16 million in CY 2021, CY 2020 and CY 2019 respectively, the Indian firm added.