Reliance Buys Stake In Exyn Technologies For $25 M

Advertisements

Reliance Strategic Business Ventures (RSBV), a subsidiary of Reliance, purchased a 23.3 per cent stake in Exyn Technologies for $25 million.

RSBVL and Exyn have signed a strategic partnership agreement to collaborate on technology and commercialise Exyn’s technology.

Reliance acquired a 51 per cent stake in Bengaluru-based drone startup Asteria Aerospace in 2019, which recently received a DGCA ‘Type Certificate.’

According to Reliance’s regulatory filing, RSBVL and Exyn have signed a strategic partnership agreement for technology collaboration and commercialisation of Exyn’s technology.

Exyn, a Delaware-based automation startup founded in 2014, has pioneered multi-platform robotic autonomy for complex, GPS-denied environments. The full-stack solution from the company allows for the deployment of single or multi-robots that can navigate or adapt to complex environments in real time.

Exyn allows drones or robots to navigate difficult terrains in the absence of GPS or other navigation technologies. The technology could be beneficial to India’s burgeoning drone startup ecosystem, as navigation without GPS can significantly increase the deployability of drones.

Exyn made $4.32 million in revenue in fiscal year 2021 (FY21). In the announcement, Reliance stated that the investment would have synergies with its existing investments and strategic initiatives in drones, industrial safety and security, and robotics.

According to the conglomerate, this will also help accelerate Exyn’s product and technology development across multiple application areas, as well as commercialisation.



Categories: Other News

Leave a Reply Cancel reply

%%footer%%