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Reliance Industries, a powerhouse in the Indian business landscape, has made a significant move by backing the Philadelphia-based AI and robotics startup Exyn. This strategic investment was revealed through a stock exchange filing, showcasing Reliance’s expanding footprint in global startup support.
Reliance’s Strategic Move: Acquiring 23.3% Stake in Exyn
Reliance Strategic Business Ventures, a wholly-owned subsidiary of Reliance Industries, has successfully secured a substantial 23.3% stake in Exyn, infusing $25 million into the Philadelphia startup. This financial infusion forms part of a more extensive $35 million Series B funding round for Exyn, emphasizing Reliance’s commitment to fostering innovation and technological advancements.
Exyn’s Robotic Autonomy: Revolutionizing GPS-Denied Environments
Exyn specializes in robotic autonomy for complex, GPS-denied environments, setting itself apart with its cutting-edge technology. The AI startup boasts the highest level of aerial drone autonomy globally, known as Autonomy Level 4 (AL4). Exyn’s robots possess the remarkable ability to navigate autonomously in previously inaccessible environments, operating without the need for a prior map, existing infrastructure (GPS, communications, etc.), or an operator in the loop.
Reliance’s Synergies and Future Collaborations
Reliance, a major player in India’s retail and telecom sectors, envisions synergies with Exyn in various domains. The collaboration will extend to the Indian conglomerate’s initiatives in drone technology, industrial safety, security, and robotics. Reliance aims to expedite Exyn’s product and technology development across multiple application areas, thereby facilitating swift commercialization.
Financial Insights: Exyn’s Growth Trajectory
Highlighting Exyn’s financial performance, the startup reported turnovers of $4.32 million, $1.83 million, and $0.16 million in CY 2021, CY 2020, and CY 2019, respectively. These figures underscore Exyn’s growth trajectory and the market’s confidence in its innovative solutions.
Reliance’s Ongoing Investments: A Diverse Portfolio
Reliance Industries and its subsidiaries have been actively investing in diverse sectors. Apart from the recent backing of Exyn, notable investments include hyperlocal delivery startup Dunzo and the Google-backed Android lockscreen platform Glance. In March, Reliance Strategic Business Ventures announced plans to invest up to $221 million in U.S. electronics firm Sanmina, aiming to establish a joint venture for expanding electronic manufacturing in India.
Exyn’s Mission: Enhancing Safety in Dangerous Environments
Nader Elm, Chief Executive of Exyn, expressed enthusiasm about Reliance’s investment, emphasizing its impact on Exyn’s mission. With a focus on reducing injuries and fatalities in physically demanding industries, Exyn aims to leverage the new capital to expand its global footprint. The goal is to significantly improve safety for workers in hazardous environments worldwide, keeping them out of harm’s way.
In conclusion, Reliance’s investment in Exyn marks a strategic step towards technological innovation, fostering collaboration between a major Indian conglomerate and a pioneering AI and robotics startup. This partnership is poised to drive advancements in drone technology, industrial safety, and robotics, showcasing the potential for transformative impact in the global business landscape.
Source – Techcrunch