Reliance Industries Arm Acquires 23.3 Per Cent Stake In US-Based Autonomous Robotics Firm

Reliance Strategic Business Ventures Limited (RSBVL), a subsidiary of Reliance Industries Limited (RIL), has acquired a 23.3 per cent stake in US-based Exyn Technologies for $25 million.

The two companies have also entered into a Strategic Partnership Agreement to collaborate on technology and commercialise Exyn's technology.

Exyn, an early stage technology company based in Philadelphia, Pennsylvania, specialises in developing multi-platform robotic autonomy for complex, GPS-denied environments, RIL said in a statement.

Exyn is a leading autonomy technology company that enables drones and robots to navigate difficult terrains without GPS or other navigation technologies.

In the last three years, Exyn's turnover has been $4.32 million, $1.83 million, and $0.16 million for 2021, 2020, and 2019, 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.