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Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL) on Thursday acquired 23.3 per cent stake in Exyn Technologies Inc for $ 25 million.
RSBVL and Exyn have also entered into a Strategic Partnership Agreement for technology collaboration and commercialisation of Exyn’s technology, per RBI’s exchange filing.
Synergies
The aforesaid investment and partnership by RSBVL will have synergies with Reliance’s investments and strategic initiatives in drone, industrial safety & security and robotics areas, while accelerating Exyn’s product and technology development across multiple application areas and commercialisation, it added.
Exyn is an early stage technology company, incorporated in Delaware, in 2014 with headquarters in Philadelphia, Pennsylvania, United States of America. The company is pioneering multi-platform robotic autonomy for complex, GPS-denied environments, RIL said.
Flexible deployment
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.
“Exyn is one of the leading autonomy technology company, which enable drones / robots to navigate difficult terrains without GPS or other navigation technologies,” RIL said.
The turnover of Exyn for 2021, 2020 and 2019 was $ 4.32 m, $ 1.83 mn and $ 0.16 mn, respectively, it added.
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