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
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.
No governmental or regulatory approvals were required for the said investment. The
investment does not fall within related party transactions and none of RIL’s promoter /
promoter group / group companies have any interest in the transaction.