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Reliance purchases a 23.3% stake in the US-based AI company Exyn

The Indian giant Reliance said Thursday that it has invested in Exyn, an artificial intelligence and robotics business located in Philadelphia.

According to the Indian company, Reliance Strategic Business Ventures, a wholly owned subsidiary of Reliance Industries, has purchased a 23.3 percent share in Exyn for $25 million.

The Indian company’s investment is a key element of the Series B funding for the Philadelphia company that provides robotic autonomy in challenging, GPS-denied conditions.

In terms of aerial drone autonomy, the AI company “commercialises the highest degree in the world, Autonomy Level 4.” (AL4.) Exyn’s robots can explore unfamiliar territory without a human operator, a preexisting map, or any kind of enabling infrastructure (GPS, communications, etc.). Since then, Exyn has used this technology to become the industry leader in mining and to branch out into other markets, such as construction, warehousing, and government applications like search and rescue and reconnaissance.

Reliance, which runs India’s largest retail chain and the country’s top telecom operator, has announced that it will find synergies with the startup in the areas of drones, industrial safety, security, and robotics, and will speed up “Exyn’s product and technology development across multiple application areas and commercialization.”

According to the Indian company, revenue for the startup was $4.32 million in 2021, $1.83 million in 2020, and $0.16 million in 2019.