The Indian conglomerate disclosed in a stock exchange filing on Thursday that it has backed a Philadelphia-based artificial intelligence and robotic startup.
Reliance Strategic Business Venture, a wholly owned subsidiary of Reliance Industries, has acquired a 23.3% stake in Exyn.
The Series B funding of the Philadelphia startup includes an investment from the Indian firm.
The highest level of aerial drones autonomy in the world is commercialised by the startup. Exyn's robots are able to autonomously navigate in previously inaccessible environments without a map or an operator in the loop. Exyn has established itself in a dominant position in the mining vertical and has expanded into construction, warehouse, and government use cases.
Reliance, which operates India's largest retail chain as well as the top telecom operator in the nation, said it will find synergies with the startup on the Indian conglomerate's initiatives.
The Indian firm said that the startup had a turnover of over $4 million.
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