Reliance Backs Exyn in $35 Million Funding, Boosting Indian Tech in US Markets

In a significant move to further its investments globally, Reliance has backed the Philadelphia-based AI and robotics startup Exyn. This development was announced by the Indian conglomerate in a stock exchange filing on Thursday.

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Key Details of the Investment

Reliance Strategic Business Ventures, a wholly-owned subsidiary of Reliance Industries, has acquired a 23.3% stake in Exyn for $25 million. This investment is part of a larger $35 million Series B funding of the Philadelphia startup, which specializes in robotic autonomy for complex environments without GPS.

Exyn’s Technology and Expertise

Exyn’s robots are capable of autonomous navigation in previously inaccessible areas without relying on prior maps or existing infrastructure such as GPS. The AI startup commercializes the highest level of aerial drone autonomy in the world, known as Autonomy Level 4 (AL4).

According to Exyn’s website:

"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."
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.

Reliance’s Synergies with Exyn

Reliance, which operates India’s largest retail chain as well as the top telecom operator in the nation, believes that it will find synergies with Exyn on its initiatives surrounding drone, industrial safety, security, and robotics areas. The Indian conglomerate aims to accelerate Exyn’s product and technology development across multiple application areas and commercialization.

Reliance’s Growing Interest in Startups

This investment marks another significant move by Reliance in the startup ecosystem globally. Earlier this year, the company invested in hyperlocal delivery startup Dunzo and Google-backed Android lockscreen platform Glance. In March, Reliance Strategic Business Ventures said it planned to invest up to $221 million in U.S. electronics firm Sanmina to set up a joint venture.

Exyn’s CEO on the Investment

Nader Elm, Chief Executive of Exyn, stated:

"With our mission of decreasing the amount of injuries and fatalities in ‘physical’ industries gathering data in dangerous environments, having this investment will accelerate Exyn’s impact and growth. With this new capital, we will further expand our worldwide footprint to dramatically improve safety for those working in dangerous environments around the world and keeping them out of harm’s way."

Series B Financing Round

The story was updated with more information about Exyn’s Series B financing round.

Conclusion

Reliance’s investment in Exyn marks a significant move by the Indian conglomerate to further its interests globally. The partnership between Reliance and Exyn is expected to accelerate the latter’s product and technology development, ultimately leading to improved safety for those working in dangerous environments worldwide.