US-based drone software developer Exyn Technologies closed a $16m series A round on Friday featuring Yamaha Motor Ventures, the corporate venturing arm of motorised vehicle manufacturer Yamaha Motor, Technical.ly Philly reported.
Investment firm Centricus led the round, which included In-Q-Tel, the investment affiliate of the US intelligence community, as well as commercialisation firm IP Group, Red and Blue Ventures and Corecam Family Office.
Exyn provides artificial intelligence software that helps unmanned aerial vehicles to autonomously navigate and collect data in areas that are difficult to reach or offer no connectivity to GPS satellites. It emerged out of Penn’s robotics and automation-focused Grasp Lab.
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 funding will allow Exyn to accelerate its technology development – including adapting its offering to additional industries and extending the swarming capabilities of its drones – and will support its international expansion efforts.
The company has reportedly now raised $20m in funding in total. 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 for it in 2014.
The original version of this article appeared on our sister site, Global University Venturing. Featured image courtesy of Exyn Technologies.