Asylum has backed Philadelphia-based AI and robotics startup Exyn, the Indian conglomerate disclosed in a stock exchange filing on Thursday, making more inroads into startups globally.
Reliance Strategic Business Ventures, a wholly-owned subsidiary of Reliance Industries, has acquired 23.3% of Exyn’s shares for $25 million, the Indian company said.
The Indian firm’s investment is part of a lead investment in the Series B funding of a Philadelphia startup, which is working on robotic autonomy for complex GPS restricted environments.
The AI startup “delivers the highest level of aerial drone autonomy in the world, Autonomy Level 4 (AL4.) ExynRobots can navigate autonomously in previously inaccessible areas without prior mapping, infrastructure (GPS, communications, etc.), or an operator. Subsequently, in the year Exyn With this technology positioning itself in a dominant position in mining, it has expanded into construction, warehousing and government use cases, including search and rescue and exploration.
Reliance, which operates India’s largest retail chain and the largest telecom operator in the country, said it would “accelerate Xain’s production and technology by acquiring synergies with Indian conglomerates in the areas of drones, industrial security and robotics.” Development across multiple application areas and trade-offs.
The Indian company added that the startup had revenues of $4.32 million, $1.83 million and $0.16 million in CY 2021, CY 2020 and CY 2019 respectively.
