Exyn Materials, a Pennsylvania University spin-out specialising in drone aircraft, has received $1m from UK-based commercialisation group IP Group.
The deal comes off the back of a commercialisation agreement signed between Princeton and IP last year, which marked the start of an expansion into the US by IP. It also signed pilot deals with Princeton and Columbia around the same time.
Exyn is the first spin-out from Princeton that has been developed in conjunction with IP, which has taken a significant minority stake in the company. It was founded by Princeton and Vijay Kumar, a well-known figure in the robotics world who has developed small quadcopter drones capable of sensing each other in flight, swarming, and flying in formation. Amongst other potential uses, Kumar’s technology could be used in construction or providing reconnaissance in disaster zones.
At the same time as receiving the investment, Exyn has also appointed Nader Elm as its CEO. Elm was previously senior vice president of strategy and corporate development at IMAX Corporation, a cinema and camera company.
Alan Aubrey, CEO of IP Group, said: “It is exciting to have completed our first spin-out from a US university with the University of Pennsylvania. Exyn Technologies is a great example of the kind of innovative technology, founded on ground-breaking science, that we look for and we’re delighted to have backed such a well-known team and look forward to supporting them and furthering our partnership with Penn.”
