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Reliance buys 23.3% stake in US-based AI firm Exyn
Reliance has backed the Philadelphia-based AI and robotics startup Exyn, the Indian conglomerate disclosed in a stock exchange filing on Thursday, making further inroads in startups globally. Reliance Strategic Business Ventures, a wholly-owned subsidiary of Reliance Industries, has acquired a 23.3% stake in Exyn for $25 million, the Indian firm said. The AI startup “commercialises the highest level of aerial drone autonomy in the world, Autonomy Level 4 (AL4.) Exyn’s robots are able to autonomously navigate in previously inaccessible environments without a prior map, existing infrastructure (GPS, communications, etc.), or an operator in the loop,” according to a description on its site.
