RIL intimation to Stock Exchanges: Investment in Exyn Technologies Inc
Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Investment in Exyn Technologies Inc
Reliance Strategic Business Ventures Limited (“RSBVL”), a wholly owned subsidiary of Reliance Industries Limited (“RIL” or the “Company”) has today acquired 23.3% stake in Exyn Technologies Inc (“Exyn”) for a total consideration of US$ 25 million. RSBVL and 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, United States of America. Exyn Technologies is pioneering multi-platform robotic autonomy for complex, GPS-denied environments. The company’s full-stack solution enables flexible deployment of single or multi-robots that can intelligently navigate and dynamically adapt to complex environments in real-time. Exyn is one of the leading autonomy technology company, which enable drones / robots to navigate difficult terrains without GPS or other navigation technologies.
The turnover of Exyn for CY 2021, CY 2020 and CY 2019 was US $ 4.32 mn, US $ 1.83 mn and US $ 0.16 mn, respectively .
The aforesaid investment and partnership by RSBVL will have synergies with Reliance’s investments and strategic initiatives in drone, industrial safety & security and robotics areas, while accelerating Exyn’s product and technology development across multiple application areas and commercialization.