RIL unit acquires 23.3% stake in US-based Exyn Tech for $25 mn

Reliance Strategic Business Ventures Limited, a wholly owned subsidiary of Reliance Industries Limited, on Thursday acquired 23.3% stake in Exyn Technologies Inc for $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, United States of America. 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, said RIL.

The turnover of Exyn for CY21, CY20 and CY19 was $4.32 mn, $1.83 mn and $0.16 mn, 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 commercialisation. No governmental or regulatory approvals were required for the said investment. The investment does not fall within related party transactions and none of RIL’s promoter / promoter group / group companies have any interest in the transaction," said RIL in a stock exchange filing.