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Asylum has backed Philadelphia-based AI and robotics startup Exyn, India’s Congress disclosed in a stock exchange filing on Thursday, making further inroads into startup backings globally.
Reliance Strategic Business Ventures, a wholly owned subsidiary of Reliance Industries, has acquired 23.3% stake in Exyn for $25 million, the Indian company said.
The Indian company’s investment is part of a $35 million Series B funding round for a Philadelphia-based start-up that makes robotic autonomous work in complex and GPS-insecure environments.
The AI startup claims that it will “manage the world’s highest level of aerial drone autonomy, with Autonomy Level 4 (AL4) Xine robots that can navigate autonomously in previously inaccessible areas without prior mapping, infrastructure (GPS, communications, etc.) or an operator in a loop” according to the description on the site.
Reliance, which operates India’s largest retail chain and the country’s largest telecom operator, said it will “accelerate Exxon’s product and technology capabilities and leverage the Indian conglomerate’s initiatives in the areas of drones, industrial security and robotics.” Development across multiple application areas and trade-offs.
The startup had revenue of $4.32 million, $1.83 million and $0.16 million 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 hyperlocal delivery startup Dunzo and Google-backed Android screen platform Glance.
In March, Reliance Strategic Business Ventures announced plans to invest up to $221 million in US electronics company Sanmina as the Indian giant looks to expand its electronics manufacturing. The joint venture aims to create a “world-class” electronics manufacturing hub in India, he said.
Earlier on Thursday, Reliance said it had agreed to buy its Indian unit Metro AG for $344 million. Metro, which entered the Indian market two decades ago, operates 31 wholesale distribution centers across the country.
This investment will accelerate Exine’s impact and growth in our mission to reduce the number of injuries and fatalities associated with data collection in hazardous environments in “physical” industries. With this new capital, we will expand our global footprint to dramatically improve the safety and protection of those operating in dangerous environments around the world,” said Nader Elm, CEO of Exine, in a statement on Friday.
The story has been updated with additional information about Exyn’s Series B financing round.
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