Grays Ferry-based drone startup Exyn Technologies has raised $16 million in a Series A round that’s expected to go toward commercial growth, expanding its global reach and product development.
According to a report from Technical.ly Philly, Exyn Technologies’ long-term objective is to turn its mapping offering into a standalone product that can be used by mining companies.
The funding round was led by London-based investment firm Centricus, with Yamaha Motors Ventures, U.S. intelligence community venture arm In-Q-Tel, Corecam Family Office, and Red and Blue Ventures newly participating, and IP Group Plc reinvesting, according to the article.
To date, Exyn, a spinout of Penn’s GRASP Lab, has raised $20 million.
