Reliance has financed AI and robotics firm Exyn, based in Philadelphia, the Indian giant revealed in a stock exchange filing on Thursday, furthering its global startup investments.
Reliance Industries’ wholly owned subsidiary Reliance Strategic Business Ventures paid $25 million for a 23.3% share in Exyn, according to the Indian company.
The investment from the Indian company is a portion of the lead investment in the Series B fundraising of the Philadelphia startup, which uses robotic autonomy for challenging settings without GPS.
The AI start-up “commercializes Autonomy Level 4, the highest level of airborne drone autonomy in the world” (AL4.) Without a prior map, pre-existing infrastructure (GPS, communications, etc.), or an operator in the loop, Exyn’s robots may autonomously traverse through previously inaccessible locations. With this technology, Exyn has since put itself in a leadership position in the mining sector and moved into the construction and warehouse industries as well as government use cases like search and rescue and reconnaissance.
Reliance, which runs the largest retail chain in India and is the top telecom provider in the country, stated that it will collaborate with the startup to advance “Exyn’s product and technology development across multiple application areas and commercialization” while also finding synergies with the conglomerate’s initiatives in the drone, industrial safety, security, and robotics sectors.
The startup’s revenue in CY 2021, CY 2020, and CY 2019 was $4.32 million, $1.83 million, and $0.16 million, respectively, according to the Indian company.