iNDICA NEWS BUREAU-
Reliance Strategic Business Ventures Limited (RSBVL), a subsidiary of Reliance Industries Limited (RIL), on Thursday, December 22, 2022, invested $25 million to acquire a 23.3 percent stake in Exyn Technologies Inc (Exyn) of the US.
On the same day, Exyn Technologies announced a $35 million Series B round. The investment came from previous investors as well as new investors that include Reliance Industries. Exyn will utilize this investment to break into the Indian market and further expand its global footprint into Latin America, Australia, and Africa. Exyn was recognized by the Inc 5000 awards as #177 among America’s fastest-growing companies. The company has also been awarded 1st place at the AUVSI Xcellence Awards.
Exyn Technologies is pioneering autonomous aerial robot systems for complex, GPS-denied environments. The company’s full-stack solution enables flexible deployment of single or multi-robots that can intelligently navigate and dynamically adapt to complex environments in real time. For the first time, industries like mining, logistics, and construction can benefit from a single, integrated solution to capture critical and time-sensitive data in a safer, more affordable, and more efficient way. Exyn is powered by a team of experts in autonomous systems, robotics, and industrial engineering. The company is VC-backed and privately held, with headquarters in Philadelphia.
In 2014, the company was founded by Nader Elm and Dr. Vijay Kumar as a spin-out of The University of Pennsylvania’s General Robotics, Automation, Sensing & Perception (GRASP) Laboratory. In 2015 Exyn opened its first office at Pennovation and began inaugural flights of ExynAI. The very next year it introduced the first autonomous GPS-denied flights with ExynAI and set up offices to Venture F0rth in northeast Philadelphia.
The turnover of Exyn for CY 2021, CY 2020, and CY 2019 was $4.32 million, $1.83 million and $0.16 million, respectively.
RIL, in an intimation to the stock exchanges, informed that RSBVL and Exyn have also entered into a Strategic Partnership Agreement for technology collaboration and commercialization of Exyn’s technology.
The investment and partnership by RSBVL will have synergies with Reliance’s investments and strategic initiatives in drone, industrial safety and security, and robotics while accelerating Exyn’s product and technology development across multiple application areas and commercialization.
“With our mission of decreasing the number 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,” commented Nader Elm, CEO of Exyn Technologies.
ExynPak_Tablet_constructionExyn is a pioneer in the field of AI technology and has commercialized the highest level of aerial drone autonomy in the world with its multi-award-winning 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 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.
“AL4, the highest level of aerial autonomy in the market, has been a key differentiator in the mining industry,” said Elm. “The application of our fully autonomous robots is expansive and with this investment and partnership we look forward to transforming dangerous, physical data collection into a safer and more efficient workflow that can unlock further operational effectiveness and efficiency for our customers.”
