Reliance industries subsidiary acquires 23.3% stake in Exyn Technologies

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Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of Reliance Industries Limited (RIL), on Thursday acquired 23.3 per cent stake in Exyn Technologies Inc (Exyn) for a total consideration of $25 million.

In an intimation to the stock exchanges, RIL said 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.

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. Exyn is one of the leading autonomy technology company, 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 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.