Reliance has backed Philadelphia-based AI and robotics startup Exyn, the Indian conglomerate disclosed in a stock exchange filing on Thursday, making further inroads in startups globally.
Reliance Strategic Business Ventures, a wholly owned subsidiary of Reliance Industries, has acquired a 23.3% stake in Exyn for $25 million, the Indian firm said.
The Indian firm’s investment is part of the lead investment in the Series B funding of the Philadelphia startup, which operates a robotic autonomy for complex, GPS-denied environments.
The AI startup “commercialises the highest level of aerial drone autonomy in the world, Autonomy Level 4 (AL4.) Exyn’s robots are able to autonomously navigate in previously inaccessible environments without a prior map, existing infrastructure (GPS, communications, etc.), or an operator in the loop. Subsequently, Exyn has established itself in a dominant position in the mining vertical with this technology and ex …
