Exyn Technologies Raises $16 Million Series A Round
Financing will be used to increase its commercial growth, expand its global reach and accelerate its technology development.
PHILADELPHIA, July 11, 2019 /PRNewswire/ -- Exyn Technologies, Inc. (Exyn), a worldwide leader in developing autonomous robot systems, today announced that it has raised $16M in Series A funding. The round was led by Centricus, with Yamaha Motors Ventures, In-Q-Tel, Corecam Family Office, and Red and Blue Ventures newly participating, and IP Group, Inc. reinvesting. Exyn's total funding to date is now over $20M.
In less than four years, Exyn has successfully brought to market the first industrial-grade solution for aerial autonomy in GPS-denied environments. Sold as a complete solution, Exyn's Advanced Autonomous Aerial Robots (A3Rs™) deployed commercially in the field this past year. Exyn is working with customers in mining and defense and receiving growing demand for its technology from new industries and applications.
"In the mining industry alone, Exyn has demonstrated the potential to revolutionize efficiency, increase productivity, and dramatically reduce human exposure to unsafe environments," said Nader Elm, Exyn's CEO. "And that's just one application. We are only beginning to scratch the surface of how impactful true autonomy will be."
"We are excited to partner with Exyn, a pioneer in autonomous aerial robotics for industrial applications," said a spokesperson at Centricus. "As a disruptor of current industry approaches, we see significant potential for Exyn's technology to improve efficiencies in sectors including mining and look forward to supporting Exyn's next phase of growth."
Exyn's A3Rs operate with unparalleled autonomy, running without the need for a pilot, any prior information, or any communication during its flights. With Exyn's A3Rs, companies can safely acquire previously inaccessible high-value data, such as point clouds, imagery, gas readings, and more, in GPS-denied environments like underground mines and indoor buildings.
"Exyn is changing the game in terms of what true autonomous robotics technology can deliver to the world," said Michael Burychka, CEO North America for IP Group, Inc. "The support Exyn has seen in this latest round of funding, from both strategic and financial investors, stands as a major endorsement of their technological capabilities and vast commercial opportunity. As founding investor and early advisor, we are proud of what Nader and the Exyn team have accomplished so far and are excited to see them continue to scale the business."
With this new funding, the company will focus on commercial growth by increasing its customer base, expanding its global reach and developing offerings for customers in new industries. Exyn will also accelerate its technology development to bring to market advanced swarming capabilities and move its autonomy intelligence to ground-based robots.
About Exyn Technologies
Exyn Technologies (Exyn) is a world leader in the development of aerial and ground-based robot systems to autonomously navigate and collect data where maps and GPS do not exist. A spin-off of the prestigious GRASP Laboratory at the University of Pennsylvania, Exyn is commercializing core technologies in the area of self-piloting robotics for digitally starved industries with environments that are dangerous and inaccessible. Its platforms do not rely on human control and the proprietary technology is built upon the fusion of multiple redundant sensors, mapping for obstacle avoidance, and independent planning. Exyn Technologies is VC backed and privately held with headquarters in Philadelphia, PA. Visit www.exyn.com to learn more.
Media Contact:
Raghu Balasa
[email protected]
(215) 999-0225
SOURCE Exyn Technologies
Share this article