Reliance Industries acquires 23.3% stake in robotic startup Exyn Technologies

Reliance Industries Ltd., through its subsidiary, has acquired 23.3% stake in Exyn Technologies Inc.

Reliance Strategic Business Ventures Ltd., a wholly owned subsidiary of Reliance Industries, acquired stake in the robotic company Exyn Technologies for $25 million (approximately Rs 207.3 crore), according to an exchange filing.

Exyn is a U.S.-based “multi-platform robotic autonomy for complex, GPS-denied environments”. It enables drones and robots to navigate difficult terrains without GPS or other navigation technologies.

Reliance Strategic Business Ventures and Exyn have also entered into a strategic partnership agreement for technology collaboration and commercialisation of Exyn’s technology, the filing said. Bloomberg