Reliance has backed Philadelphia-based AI and robotics startup Exyn, the Indian conglomerate announced Thursday in a grant application, further breaking global startups.
Reliance Strategic Business Ventures, a wholly owned subsidiary of Reliance Industries, has acquired an interest of 23.3% in Exyn for $25 million, the Indian company said.
The Indian company’s investment is part of the lead investment in Series B funding from the Philadelphia startup, which operates robotic autonomy for complex environments without GPS.
The AI startup is “commercializing the highest level of aerial drone autonomy in the world, Autonomy Level 4 (AL4.) exynThe robots of ‘s can navigate autonomously in previously inaccessible environments without a prior map, existing infrastructure (GPS, communications, etc.) or an operator in the loop. Thereafter, exyn has established itself in a dominant position in the mining vertical with this technology and expanded into construction, warehouse and government applications, including search and rescue and reconnaissance.
Reliance, which operates India’s largest retail chain and the country’s largest telecom operator, said it will find synergies with the start-up on the Indian conglomerate’s initiatives in drones, industrial safety, security and robotics, while “Exyn’s product and technology will accelerate”. development across multiple application areas and commercialization.”
The startup had revenues of $4.32 million, $1.83 million and $0.16 million in CY 2021, CY 2020 and CY 2019 respectively, the Indian company added.
