An Indian Reliance Company, Invests $35 Million In The American AI Startup Exyn.

An Indian Reliance Company, Invests $35 Million In The American AI Startup Exyn.

Reliance has financed the AI and robotics startup Exyn, based in Philadelphia, the Indian giant revealed in a stock exchange filing on Thursday, further expanding its support for startups throughout the world.

Reliance Industries‘ wholly-owned subsidiary Reliance Strategic Business Ventures paid $25 million for a 23.3% share in Exyn, according to the Indian company.

The $35 million Series B funding of the Philadelphia startup, which runs a robotic autonomy for challenging environments without GPS, includes the Indian firm’s investment.

The AI commercializes Autonomy Level 4, the highest level of drone autonomy yet achieved. Without a prior map, pre-existing infrastructure (GPS, communications, etc.), or an operator in the loop, Exin’s) Exin’ robots can autonomously traverse in previously inaccessible locations, according to a description on its website.

Reliance, which runs the largest retail chain in India and is the top telecom provider in the country, stated that it will collaborate with the startup to advance “Exyn’s product and technology development across multiple application areas and commercialization” while also finding synergies with the conglomerate’s initiatives in the drone, industrial safety, security, and robotics sectors.

According to the Indian company, the startup had revenues of $4.32 million, $1.83 million, and $0.16 million in CYs 2 021, 2020, and 2019, respectively.

This year, Reliance Industries or one of its divisions invested in a number of companies, including the Google-blocked lock screen platform Glance and the hyperlocal delivery service Dunzo.

As the Indian behemoth seeks to increase its electronics manufacturing, Reliance Strategic Business Ventures said in March that it intended to spend up to $221 million in Sanmina, a U.S. electronics company, to create a joint venture. According to the partners, the joint venture would help India become a “world-class” center for electronic production.

Earlier on Thursday, Reliance said it had agreed to acquire the India unit of Metro AG for $344 million. Metro, which entered the Indian market nearly two decades ago, operates 31 wholesale distribution centers across the country.

“With our mission of decreasing the number of injuries and fatalities in ‘physical’ industries gathering data in dangerous environments, having this investment will accelerate Exyn’s impact and growth. With this new capital, we will further expand our worldwide footprint to dramatically improve safety for those working in dangerous environments around the world and keeping them out of harm’s way,” Nader Elm, chief executive of Exyn, said in a statement Friday.



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