Exyn Technologies, a Philadelphia drone and robotics startup, has tapped a former public company CEO to lead its ambitions of exponential growth.
The company was founded by University of Pennsylvania School of Engineering Dean Vijay Kumar and previous CEO Nader Elm in 2014. It recently secured additional investments to close a Series B that brings its total funding to $50 million. New CEO Brandon Torres Declet joins Exyn from Wichita, Kansas-based AgEagle Aerial Systems, Inc. (NYSE: UAVS), bringing with him experience founding drone startups, growing them to acquisition and acquiring other startups.
Declet began his tenure at Exyn, which has a facility on Washington Avenue in Point Breeze, in late October. He takes over from Elm, who decided it was time to pass the reigns after leading the company for seven years. Exyn creates devices, ExynPaks, that attach to drones and pick up some 600,000 data points per second. The devices autonomously control the drones and survey an area to create 3D maps of places that aren't accessible with GPS. It has found major traction in the mining industry and is ramping up its presence in construction as well.
"This could be a billion-dollar company," Declet said. "We could have hundreds of employees here. We're probably one of the top drone companies in Philadelphia already. ... That's a great thing for Philadelphia, and something that we should champion here."
Declet knows what it takes to grow a startup in the drone industry. He founded his first company, Measure, in 2013. At its peak, it was the largest drone operator in North America with 50 employees, before he sold part of the business to Malaysia-based Aerodyne Group. He then created a platform called Ground Control, which helped companies with large drone fleets operate them and fly them autonomously. That was acquired in 2021 by AgEagle Aerial Systems in a deal valued at $45 million and Declet was named CEO of the company shortly after. At the helm of AgEagle, Declet raised about $100 million and acquired Seattle-based MicaSense and Switzerland-based SenseFly.
Declet said after selling two companies and acquiring two more, he wanted to take some time away to contemplate his next move. That was until he was contacted by a search firm hiring for an undisclosed CEO position at a Philadelphia-based drone company.
Now once again leading a growing drone startup, Declet said there's a different approach at a private company than at a public company, where the CEO is "scrutinized" and getting "graded every day" on stock performance.
"There's an opportunity with a private company, maybe to take a little bit more risk," Declet said. "And when I say that, risk is not a bad word. It's about, 'Can we do something really exciting, and invent new technologies for our customers and innovate?'"
At Exyn, Declet said the mindset is growth. He said the company "dominates" the mining industry, and now he is focused on expanding to other industries where the technology could be useful. Construction sites are one area Declet wants to see Exyn's technology become more prevalent, using the technology for infrastructure inspections, for example. He also said they will look for opportunities to use ExynPaks with ground robots to expand its capabilities outside of drones.
Another potential source of revenue Declet could see adding is through licensing. Exyn typically uses drones made by a third-party, but partnering with those drone manufacturers and licensing the Exyn software could be another opportunity to expand the business.
As the startup expands, Declet said he is set on growing in Philadelphia. Exyn "will be definitely looking" to physically expand in the city as revenue grows and would like to raise additional capital from local investors, he said. The company currently has a headcount of 63 in Philadelphia and "plenty of runway" after the latest round of fundraising.
Declet declined to disclose specifics of the company's financials but said revenue is increasing, as is the number of customers coming on board. With any startup, Declet said the goal is "exponential growth," and he hopes to see that with Exyn in 2024.
"For me, being back in a startup is just exciting. It's an adrenaline rush," he said.
