Penn spinout Exyn Technologies has closed a $16m series A round backed by IP Group to accelerate the development of its AI software for drones.

Exyn Technologies, a US-based drone technology spinout of University of Pennsylvania (Penn), closed a $16m series A round on Friday backed by commercialisation firm IP Group, according to Technically Philly.
Investment firm Centricus led the round, which also featured Yamaha Motor Ventures, the corporate venturing arm of motorcycle manufacturer Yamaha Motor, and In-Q-Tel, the investment affiliate of the US intelligence community.
Red and Blue Ventures, a venture capital firm focused on the Penn ecosystem, and Corecam Family Office filled out the round.
Exyn Technologies has developed artificial intelligence software for drones to autonomously navigate and collect data in areas that are difficult to reach or offer no connectivity to GPS satellites. Exyn emerged out of the robotics and automation-focused Grasp Lab at Penn.
Applications for the drones include the inspection and 3D mapping of mines and tunnels. The technology can also be used to monitor construction projects and manage warehouse inventories.
The series A funding will allow Exyn to bolster its business growth, to accelerate its technology development – including adapting its offering to additional industries and extending the swarming capabilities of its drones – and to support its international expansion efforts.
Exyn has now reportedly raised $20m in funding. IP Group previously contributed to a post-seed round of undisclosed size for Exyn in 2017, after the firm had already supplied $1m in seed capital in 2014.

Thierry Heles

Thierry Heles is the former editor-at-large of Global University Venturing and Global Corporate Venturing, and was the producer and host of the Beyond the Breakthrough podcast until December 2024.