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Reliance has backed Philadelphia-based artificial intelligence and robotics startup Ekin, the Indian conglomerate disclosed in a stock market filing on Thursday, making further inroads into startups around the world.
Reliance Strategic Business Ventures, a wholly owned subsidiary of Reliance Industries, has acquired a 23.3% stake in Ekin for $25 million, the Indian company said.
The Indian firm’s investment is part of a major Series B funding round for the Philadelphia-based startup, which manages robotic autonomy for complex GPS-denied environments.
AI startup “commercializes the highest level of drone autonomy in the world, Autonomy Level 4 (AL4.) EkinThe company’s robots are able to navigate autonomously in previously inaccessible environments without a prior map, existing infrastructure (GPS, communications, etc.) or an operator in the loop. later, Ekin has established itself in a dominant position in the mining vertical with this technology and has expanded into construction, warehousing and government applications, including search and rescue and reconnaissance.”
Reliance, which operates India’s largest retail chain as well as the country’s leading telecom operator, said it would find synergies with the startup on the Indian conglomerate’s initiatives in the fields of unmanned aerial vehicles, industrial safety, security and robotics, while accelerating “Ekin ‘s product and technology development in multiple areas of application and commercialization.”
The startup had revenue of $4.32 million, $1.83 million and $0.16 million in CI 2021, CI 2020 and CI 2019, the Indian company added.
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