India’s Reliance backs US-based AI startup Exyn in $35 million funding • TechCrunch
Reliance supported the Philadelphia-based company AI and robotics startup ExynThe Indian conglomerate revealed in a stock exchange filing on Thursday, going further into supporting startups globally.
Reliance Strategy Business Ventures, a wholly owned subsidiary of Reliance Industries, has buy back 23.3% shares in Exyn for $25 million, the Indian company said.
The Indian firm’s investment is part of a larger $35 million Series B funding for the Philadelphia startup that operates robotics autonomy in complex environments , no GPS.
AI startup “commercializes the highest degree of drone autonomy in the world, Autonomy Level 4 (AL4.) Can Exyn’s robot navigate itself in previously unmanned environments? reachable without a prior map, existing infrastructure (GPS, communications, etc.), or an operator in the loop,” according to the description on its website.
Reliance, which operates India’s largest retail chain as well as a leading telecom operator in the country, said it will find synergies with the startup in its Indian conglomerate initiatives. around drones, industrial safety, security and robotics, while accelerating “Exyn’s products and technologies evolve across multiple areas of application and commercialization.”
The startup has revenue of $4.32 million, $1.83 million and $0.16 million respectively in CY 2021, CY 2020 and CY 2019, the Indian company added.
Reliance Industries, or one of its units, has made a series of investments this year, including Super local delivery startup Dunzo and Google-powered Android lock screen platform Glance.
In March, Reliance Strategy Business Ventures said plans to invest up to 221 million USD in US electronics company Sanmina to form a joint venture as the Indian giant looks to expand electronics production. The two sides said the joint venture aims to create a “world-class” electronics manufacturing hub in India.
Earlier on Thursday, Reliance said it had agreed to acquire Metro AG’s India unit for $344 million. Metro, which entered the Indian market nearly two decades ago, operates 31 wholesale distribution centers across the country.
“With our mission to reduce the number of injuries and deaths in the ‘physical’ industries that collect data in hazardous environments, this investment will accelerate Exyn’s impact and growth. With this new capital, we will continue to expand our worldwide reach to dramatically improve the safety of people working in hazardous environments around the world and keep them safe. stay out of danger,” said Nader Elm, chief executive officer of Exyn said in a statement Friday.
The story has been updated with more information on Exyn’s Series B funding round.