Reliance Strategic Business Ventures Ltd. (RSBVL), a wholly owned subsidiary of Reliance Industries Ltd. (RIL) said it has 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 commercialisation of Exyn’s technology.
Exyn is an early-stage technology company, incorporated in Delaware, in 2014 with headquarters in Philadelphia, Pennsylvania, U.S.
It is pioneering multi-platform robotic autonomy for complex, GPS-denied environments.
The company’s solution enables flexible deployment of single or multi-robots that can navigate and adapt to complex environments in real time. Exyn is an autonomy technology company, which enable drones / robots to navigate difficult terrains without GPS or other navigation technologies.
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 commercialisation, RIL said in a filing with stock exchanges.
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