EyeROV, a deep tech startup in marine robotics, announced on Tuesday that it has raised ~₹10 crore ($1.2 million) in a pre-Series A round led by Unicorn India Ventures.
The funds raised will be used to further strengthen EyeROV’s geographic expansion into international markets and develop advanced marine robotics products and solutions to augment EyeROV’s current offerings.
Founded in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, EyeROV is a deep-tech company specializing in marine robotics and artificial intelligence. The company aims to revolutionize industries such as energy, maritime, defense, and infrastructure through its cutting-edge unmanned technologies.
“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 deep-tech investor as we understand the technology side, both hardware and software,” said Anil Joshi, Managing Partner, Unicorn India Ventures.
The company has successfully introduced India’s first commercial underwater drones/ROVs and launched an unmanned surface vehicle (USV) providing solutions in both India and the MENA region. EyeROV also possesses unique capabilities to inspect very long tunnels and pipelines and has advanced integration capabilities for specialized payloads.
EyeROV has seen consistent revenue growth over the past 24 months year-over-year, has launched multiple new products and expanded into new industry verticals and geographies and is a leader in ROV-based underwater inspections in India’s hydropower sector.
With strong customer interest in India, the MENA region and Europe, particularly in the infrastructure, power and oil and gas sectors, EyeROV is strengthening its market presence and developing new R&D capabilities to bring unique solutions to market.
“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.
In FY24, EyeROV secured multiple contracts domestically and internationally, expanding its reach through partnerships in India and the GCC region. The company serves prestigious clients such as Tata, Adani, BPCL, DRDO and the Indian Coast Guard, and has completed over 100 underwater surveys.
First published: August 13, 2024 | 16:52 IS
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.