- Exyn Technologies — an autonomous robot systems spin-off of the GRASP Laboratory at the University of Pennsylvania — announced it raised $16 million in Series A funding
Exyn Technologies — an autonomous robot systems spin-off of the GRASP Laboratory at the University of Pennsylvania — announced it raised $16 million in Series A funding. This round of funding was led by Centricus with participation from Yamaha Motors Ventures, In-Q-Tel, Corecam Family Office, and Red and Blue Ventures newly participating, and IP Group, Inc. Including this round of funding, Exyn has raised over $20 million.
In the past four years, Exyn brought the first industrial-grade solution for aerial autonomy in GPS-denied environments to the market. It is sold as a complete solution known as Exyn’s Advanced Autonomous Aerial Robots (A3Rs) — which is deployed commercially in the field this past year.
Exyn Technologies has become a world leader in the development of aerial and ground-based robot systems for autonomously navigating and collecting data where maps and GPS do not exist. And Exyn is working with customers in mining and defense and it is 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 Exyn CEO Nader Elm in a statement. “And that’s just one application. We are only beginning to scratch the surface of how impactful true autonomy will be.”
Exyn’s A3Rs are able to operate with unparalleled autonomy and runs without the need for a pilot, any prior information, or any communication during its flights. And with Exyn’s A3Rs, companies can safely acquire previously inaccessible high-value data like point clouds, imagery, gas readings, etc. in GPS-denied environments such as underground mines and indoor buildings.
With this round of funding, the company is going to focus on commercial growth by increasing its customer base, expanding its global reach and developing offerings for customers in new industries. And Exyn will also accelerate its technology development to bring to market advanced swarming capabilities and move its autonomy intelligence to ground-based robots.
“Exyn is changing the game in terms of what true autonomous robotics technology can deliver to the world,” added IP Group CEO North America Michael Burychka. ”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.”
Elm told Crunchbase that while “big data is big,” there is a lack of tools in place that caters to industries like construction, mining, and defense. The problem has been collecting the data such as the cavities that are created by drilling and blasting in underground mines.
Exyn’s drone is able to fly into environments for mapping obstacles, terrain, and gas readings within 3 minutes. Matternet co-founder Paola Santana agreed with Elm and said that it is difficult for new drone startups to differentiate themselves, which is why it is better to work in micro markets rather than macro.
