A subsidiary of Reliance Industries has bought a 23.3% share in Philadelphia-based AI startup Exyn for $25 million. The Indian firm’s investment is part of Exyn’s broader $35 million Series B round of funding.
Reliance has financed the Philadelphia-based AI and robotics firm Exyn, the Indian giant announced in a stock market statement on Thursday, expanding its worldwide startup funding.
Reliance Strategic Business Ventures, a wholly-owned subsidiary of Reliance Industries, announced the purchase of a 23.3% share in Exyn for $25 million.
The Indian firm’s investment is part of the Philadelphia startup’s broader $35 million Series B funding, which operates a robotic autonomy for complicated, GPS-denied situations. According to its website, the AI startup “commercialises the highest level of aerial drone autonomy in the world, Autonomy Level 4 (AL4).” Exyn’s robots can “autonomously navigate in previously inaccessible environments without a prior map, existing infrastructure (GPS, communications, etc.), or an operator in the loop.
Reliance, which owns India’s largest retail chain as well as the country’s largest telecom operator, said it will collaborate with the startup on projects involving drones, industrial safety, security, and robotics, as well as accelerate “Exyn’s product and technology development across multiple application areas and commercialization.” The business made $4.32 million, $1.83 million, and $0.16 million in revenue in fiscal years 2021, 2020, and 2019, respectively, according to the Indian firm.
Exyn CEO Nader Elm stated, “With our aim of minimising the amount of injuries and deaths in ‘physical’ businesses gathering data in risky situations, having this financing will expedite Exyn’s impact and growth. With this additional financing, we will significantly extend our global presence, greatly improving safety for individuals working in risky locations throughout the world and keeping them out of harm’s path.”
Earlier on Thursday, Reliance announced it has agreed to buy Metro AG’s India subsidiary for $344 million. Metro joined the Indian market about two decades ago and now has 31 wholesale distribution centres around the nation.
This year, Reliance Industries or one of its subsidiaries has made a number of investments, notably in hyperlocal delivery firm Dunzo and Google-backed Android lockscreen platform Glance.
In March, Reliance Strategic Business Ventures announced plans to spend up to $221 million in Sanmina, a US electronics manufacturer, to form a joint venture as the Indian conglomerate seeks to expand its electronics production. The joint venture would attempt to establish a “world-class” electronic manufacturing powerhouse in India.