Reliance Strategic Business Ventures, a wholly-owned subsidiary of Reliance Industries acquired a 23.3 per cent stake in the US-based AI (artificial intelligence) and robotics start-up Exyn. 

“Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of Reliance Industries Limited (RIL), has today acquired a 23.3 per cent stake in Exyn Technologies Inc for a total consideration of USD 25 million,” RIL said in a filing. 

“RSBVL and Exyn have also entered into a Strategic Partnership Agreement for technology collaboration and commercialization of Exyn’s technology," it added. 

Commenting on the latest development, Nader Elm, the CEO of Exyn said, “Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of Reliance Industries Limited, has today acquired 23.3 per cent stake in Exyn Technologies Inc for a total consideration of $ 25 million.”

Founded in 2014, the early-stage start-up Exyn is known for fostering drones and robots instead of GPS or other navigation technologies to navigate difficult lands. 

The Philadelphia-based start-up claimed to achieve $4.32 million in revenues in the calendar year (CY) 2021. Prior to this, it raised $1.83 million in CY 2020 and $0.16 million in CY 2019. 

In an attempt to expand its electronics production, RSBVL planned to invest up to $221 million in the US electronics company Samina to set up a joint venture in March. It also acquired stakes in robotics company Adverb Technologies and drone firm Asteria Aerospace. 

(This copy is filed with PTI inputs.)