RIL arm acquires 23.3 pc stake in US-based Exyn Technologies for USD 25 million

Tech


RIL arm acquires 23.3 pc stake in US-based Exyn Technologies for USD 25 million

RIL’s arm Reliance Strategic Business Ventures has acquired 23.3 per cent stake in US-based Exyn Technologies Inc for USD 25 million (about Rs 207 crore). Exyn is one of the leading autonomy technology companies that enables drones and robots to navigate difficult terrains without GPS or other navigation technologies.

“Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of Reliance Industries Limited, has today acquired 23.3 per cent stake in Exyn Technologies Inc for a total consideration of USD 25 million,” RIL said in a filing.

Read Also

Reliance plans to enhance fire retardant sustainable properties of Recron FS

Founded in 2014, Exyn is an early stage technology company with headquarters in Philadelphia, Pennsylvania.

“RSBVL and Exyn have also entered into a Strategic Partnership Agreement for technology collaboration and commercialization of Exyn’s technology,” the filing said.

RIL already holds a majority stake in robotics company Addverb Technologies and drone firm Asteria Aerospace.

The investment and partnership by RSBVL in Exyn will have synergies with Reliance’s investments and strategic initiatives in drone, industrial safety and security and robotics areas, while accelerating Exyn’s product and technology development across multiple application areas and commercialisation, it added.

FacebookTwitterLinkedin




Source link

Leave a Reply

Your email address will not be published. Required fields are marked *