A South Philly robot maker is now a publicly traded company

Exyn Technologies Inc., a Philadelphia-based company specializing in autonomous robot guidance systems, completed its initial public offering (IPO) on Monday, raising $19.4 million on the Nasdaq Capital Market. The company, headquartered in Point Breeze, employs 45 people, primarily engineers, and aims to use the funds for growth, working capital, underwriter fees, and repaying approximately $6 million in debt to lenders like Western Alliance Bank. CEO Brandon Torres Declet, who took over in 2023 from cofounder Nader Elm, stated the IPO was chosen over venture capital or acquisition to accelerate growth amid strong public market interest in drones and robotics. Exyn’s mission is to provide autonomous robots for data-driven industries, with products including ExynAI navigation software and Nexys drone mapping systems sold to mining, construction, and military clients across 27 countries. The stock, trading under the symbol EXYN, debuted at $7.75 per share but fell to around $5 by Tuesday, though each share includes a warrant allowing investors to buy an additional share at the IPO price if the stock hits $9.69. The IPO was underwritten by Lucid Capital Markets, which also handled recent IPOs for drone software maker Swarmer Inc. and data center operator SharonAI. Exyn’s early investors included military-focused Anzu Partners, In-Q-Tel (a CIA-linked venture fund), Pennsylvania’s Ben Franklin Technology Center, and Penn Alumni-backed Red & Blue Ventures, along with funding from the U.S. Department of Defense’s DARPA. Despite slower revenue growth—$5.8 million in 2023 and $5.6 million in 2022—due to a shift toward recurring products, Torres Declet aims to boost sales in 2026 after cutting R&D spending while maintaining steady operating costs. The company’s losses exceeded $12 million in each of the past two years as it developed its current product lineup. Exyn’s systems are distributed globally, including through partners in China, India, Australia, and Latin America, positioning it as a key player in autonomous robotics for high-risk industries.