EyeROV, a deeptech startup in marine robotics offering products and solutions in the field of underwater domain, has raised Rs 10 crore (or $1.2 million) in a pre-Series A round. funds round led by Unicorn India Ventures.
Specialized in marine robotics and AI.
Founded in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, EyeROV is a pioneering deep tech company specializing in marine robotics and artificial intelligence.
The startup aims to revolutionize industries such as energy, maritime, defense and infrastructure through its cutting-edge unmanned technologies.
It claims to have introduced India’s first commercial underwater drones/ROVs and launched an unmanned surface vehicle (USV) that provides solutions in both India and the MENA region.
EyeROV also has unique capabilities for inspecting very long tunnels and pipelines and has advanced integration capabilities for specialized payloads.
Purpose of fundraising
The funds used will further strengthen EyeROV’s geographic expansion into international markets and develop advanced marine robotics products and solutions to augment its current offering, the company said in a statement.
“With this funding, EyeROV will be able to scale its sales, R&D and operations much faster. We have developed unique and differentiated solutions for subsea infrastructure inspections that have been successfully validated in the Indian market and are now ready for global expansion. Unicorn India has supported similar hardware/robotics companies in the past, and we believe this partnership will be highly beneficial,” said Johns T Mathai, CEO, EyeROV.
Kannappa Palaniappan P, CTO of EyeROV, added: “This funding will accelerate the development of new products, which have been validated by market research and numerous industry investigations.”
Strengthening R&D capabilities
EyeROV also claims to have witnessed consistent revenue growth over the past 24 months year-over-year, launched multiple new products, and expanded into new industry verticals and geographies.
The startup is strengthening its market presence and developing new R&D capabilities to bring unique solutions to the market.
It is also creating specialized solutions for infrastructure inspections and collaborating with defense R&D laboratories and forces through the Defense Innovations for Excellence (IDEX) initiative to develop maritime intelligence, surveillance and reconnaissance (ISR) solutions.
Serving leading companies
In FY2024, EyeROV secured multiple contracts domestically and internationally, expanding its reach through partnerships in India and the GCC region.
The startup said it serves clients including Tata, Adani, BPCL, DRDO and the Indian Coast Guard and has completed over 100 underwater inspections.
The company plans to triple its revenue by the end of the fiscal year by boosting sales in both domestic and international markets.
EyeROV will undertake more projects in the oil and gas, maritime and infrastructure sectors, and is advancing its efforts to supply products to the Indian defence sector, the company said.
Investor comments
Commenting on the investment, Anil Joshi, Managing Partner, Unicorn India Ventures, said, “Marine robotics is a highly complex topic and developing a drone to inspect underwater infrastructure requires precision-built unmanned technology. Unicorn India has a strong DNA of a deep tech investor as we understand the technology, both hardware and software.”
“As we have a strong track record of developing highly innovative companies in sectors that are still emerging or relatively new, we believe that EyeROV’s products and solutions have global application.”
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