Reliance subsidiary acquires 23.3% stake in Exyn Technologies for $ 25 million
Mumbai, December 22, 2022
Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of Reliance Industries Limited (RIL) today acquired 23.3% stake in Exyn Technologies Inc for a total consideration of $ 25 million.
RSBVL and Exyn have also entered into a Strategic Partnership Agreement for technology collaboration and commercialization of Exyn’s technology, Reliance said in a notification to the stock exchanges.
Exyn is an early stage technology company, incorporated in Delaware, in 2014 with headquarters in Philadelphia, Pennsylvania, United States of America. It 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," the notification said.
Exyn is one of the leading autonomy technology companies which enable drones/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 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 commercialization," the notification added.