Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), on Thursday, December 22, said it has acquired a 23.3 percent 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. Exyn is an early-stage technology company, incorporated in Delaware in 2014, with headquarters in Philadelphia, Pennsylvania, United States of America.
Exyn Technologies is pioneering multi-platform robotic autonomy 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, it said.
Exyn is a leading autonomy technology company which enables drones or robots to navigate difficult terrains without GPS or other navigation technologies.
The turnover of Exyn for CY 2021, CY 2020, and CY 2019 was $4.32 million, $1.83 million and $0.16 million, respectively.
The investment and partnership by RSBVL will have synergies with Reliance’s investments and strategic initiatives in drone, industrial safety and security and robotics areas, while accelerating Exyn’s product and technology development across multiple application areas and commercialisation, the company said.
No governmental or regulatory approvals were required for the investment. The investment does not fall within related party transactions and none of RIL's promoter or group companies have any interest in the transaction, it added.
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