Reliance subsidiary acquires 23 pc stake in US-based Exyn Technologies
Dec 22, 2022
New Delhi [India], December 22 : Reliance Strategic Business Ventures on Thursday said it has acquired a 23.3 per cent stake in Exyn Technologies Inc.
The acquisition cost was USD 25 million, Reliance Industries said in a stock exchange filing. Reliance Strategic Business Ventures is a wholly-owned subsidiary of Reliance Industries.
The filing added Reliance Strategic Business Ventures and (RSBVL) Exyn have also entered into a "strategic partnership" agreement for technology collaboration and commercialization of Exyn's technology.
Exyn is an early-stage technology company, incorporated in Delaware, in 2014 with headquarters in Philadelphia, Pennsylvania, US, and it is pioneering multi-platform robotic autonomy for complex, GPS-denied environments.
Exyn, according to a Reliance's statement, is one of the leading autonomy technology companies, which enable drones and robots to navigate difficult terrains without GPS or other navigation technologies.
The turnover of Exyn for the calendar year 2021, 2020 and 2019 were USD 4.32 million, USD 1.83 million and USD 0.16 million, respectively.
"The aforesaid investment and partnership by RSBVL will have synergies with Reliance's investments and strategic initiatives in drone, industrial safety and security and robotics areas, while accelerating Exyn's product and technology development across multiple application areas and commercialization," the filing added.
RSBVL and Exyn have also entered into a Strategic Partnership Agreement for technology collaboration and commericalisation of Exyn's technology.
