Reliance is investing in a robotics company whose machines are designed to navigate places where GPS and communications may be unavailable. Reliance Strategic Business Ventures, a wholly-owned subsidiary of Reliance Industries, acquired a 23.3% stake in Philadelphia-based Exyn for $25 million.
The investment forms part of Exyn’s $35 million Series B funding. Reliance said the partnership could support its work in drones, industrial safety, security and robotics, while helping Exyn develop and commercialize its technology.
Robots designed for places without GPS
Exyn develops robotic autonomy for complex environments where GPS may not be available. Its systems are intended to move through areas without a prior map, existing infrastructure such as communications, or an operator directing the robot in real time.
The company describes its aerial drone autonomy as Autonomy Level 4 (AL4). In practical terms, the description points to machines that can navigate previously inaccessible environments on their own, rather than relying on an operator to guide every movement.
That capability is relevant to work in dangerous physical settings. Exyn’s chief executive, Nader Elm, said the company’s mission is to reduce injuries and fatalities by gathering data in dangerous environments. He said the new capital would help expand the company’s worldwide footprint and improve safety for people working in those settings.
Where Reliance sees potential
Reliance said it expects to find synergies between Exyn’s technology and its own initiatives in drone, industrial safety, security and robotics areas. The company also said the investment would accelerate Exyn’s product and technology development across multiple applications and its commercialization.
The statement links the funding to both technology development and business use. For Reliance, the investment offers a connection to autonomous robotics that could serve different operational needs. For Exyn, the funding and backing could support development and efforts to bring its products to market.
The source does not identify particular projects or deployments resulting from the investment. It presents the opportunity at the level of application areas, leaving open how the two companies might put the technology to work.
A wider investment push
The Exyn deal is one of a series of investments by Reliance Industries or its units. The article also cites investments in hyperlocal delivery startup Dunzo and Google-backed Android lockscreen platform Glance.
In March, Reliance Strategic Business Ventures said it planned to invest up to $221 million in U.S. electronics firm Sanmina to establish a joint venture. The companies said the venture aimed to create a “world-class” electronic manufacturing hub in India.
Reliance’s activities also extended beyond startup investment. On the same Thursday as its Exyn announcement, the company said it had agreed to acquire the India unit of Metro AG for $344 million. Metro operates 31 wholesale distribution centers across the country, having entered the Indian market nearly two decades ago.
Exyn’s reported turnover
Reliance’s filing included Exyn’s turnover for three calendar years. The startup reported $4.32 million in CY 2021, $1.83 million in CY 2020 and $0.16 million in CY 2019.
Those figures provide a snapshot of the company’s reported business before the Series B investment. The funding itself brings together Reliance’s $25 million stake acquisition and the larger $35 million round, giving Exyn additional capital as it works on autonomous robotics for environments that can be difficult or hazardous for people to enter.