EyeROV Secures ₹10 Crore in Pre-Series A Funding for Underwater Drone Technology
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Marine robotic stratup EyeRov raise ₹10 crore pre-series A round
EyeROV, a marine robotics deep-tech startup providing products and solutions in the field of underwater domain, has raised ₹10 crore ($1.2 million) in a Pre-Series A round led by Unicorn India Ventures. The funds deployed will strengthen EyeROV's geographical expansion into international markets and develop advanced marine robotics products and solutions to augment EyeROV's current offerings, a press release said. Founded in 2016 by IIT Alumnus Johns T Mathai and Kannappa Palaniappan P, EyeROV is a deep-tech company specialising in marine robotics and AI. The company has successfully introduced India's first commercial underwater drones/ROVs and launched an unmanned surface vehicle (USV) that is providing solutions in both India and the MENA region. EyeROV also possesses unique capabilities for inspecting very long tunnels and pipelines and has advanced integration capabilities for specialised payloads. Johns T Mathai, CEO, EyeROV said, "With this funding, the company will be able to scale up its sales, R&D, and operations much faster. We have developed unique, differentiated solutions for underwater infrastructure inspections that have been successfully validated in the Indian market and are now ready for global expansion". The company serves clients such as Tata, Adani, BPCL, DRDO, and the Indian Coast Guard. SHARE Copy linkEmailFacebookTwitterTelegramLinkedInWhatsAppRedditPublished on August 13, 2024
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Underwater drone developer EyeROV raises Rs 10 crore
EveROV will use the funds for expansion into international markets and advancing the development of marine robotics products and solutions to complement its existing offerings, the company said. The company plans to take on additional projects in the oil and gas, maritime, and infrastructure sectors, while also advancing its initiatives to supply products to the Indian defence sector.EyeROV, a developer of underwater drones, has raised Rs 10 crore (around $1.2 million) in a funding round led by Unicorn India Ventures. The proceeds will be used for expansion into international markets and advancing the development of marine robotics products and solutions to complement its existing offerings, the company said. Founded in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, the Kochi-based deeptech company works with clients such as the Tata Group, Adani Group, Bharat Petroleum Corp, Defence Research and Development Organisation and the Indian Coast Guard. According to the startup, it has successfully completed more than 100 underwater inspections. "With this funding, EyeROV will be able to scale up its sales, R&D, and operations much faster. We have developed unique, differentiated solutions for underwater infrastructure inspections that have been successfully validated in the Indian market and are now ready for global expansion," said Mathai. It has introduced commercial underwater drones or remotely operated vehicles, and launched an unmanned surface vehicle, providing solutions in India and the Middle East and North Africa region. EyeROV aims to triple its revenue by the end of fiscal 2025 by increasing sales in both domestic and international markets. It had a turnover of Rs 4 crore in FY24. The company plans to take on additional projects in the oil and gas, maritime, and infrastructure sectors, while also advancing its initiatives to supply products to the Indian defence sector. "Marine robotics is a highly complex subject and developing a drone to inspect underwater infrastructure requires unmanned tech built with precision," said Anil Joshi, managing partner, Unicorn India Ventures. On July 1, ET reported that US-based artificial intelligence startup Pivot Robots, which develops software for robotic arms, raised an undisclosed amount of money from early-stage venture fund NuVentures.
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EyeROV Seeks To Capitalise On Marine Robotics And AI With Funding From Unicorn India Ventures
It counts Tata, Adani, BPCL, DRDO and the Indian Coast Guard, among its clients Marine robotics deeptech startup EyeROV has secured INR 10 Cr (around $1.2 Mn) in a Pre-Series A funding round led by Unicorn India Ventures. The company plans to use the fresh capital for global expansion and building products to augment its current offerings. Founded in 2016 by Johns T Mathai and Palaniappan P, EyeROV is a deeptech startup around marine robotics and AI. Its product offerings include commercial underwater drones and unmanned surface vehicles (USV) designed to perform visual underwater ship hull inspections, dam inspections, and search and rescue operations. It counts Tata, Adani, BPCL, DRDO and the Indian Coast Guard, among its clients. "With this funding, EyeROV will be able to scale up its sales, R&D, and operations much faster. We have developed unique, differentiated solutions for underwater infrastructure inspections that have been successfully validated in the Indian market and are now ready for global expansion," Mathai added. "Marine robotics is a highly complex subject and developing a drone to inspect underwater infrastructure requires unmanned tech built with precision. Unicorn India has the strong DNA of a deep tech investor as we understand the tech both hardware and software aspect. We believe EyeROV's products and solutions have a global application." Unicorn India Ventures's Managing Partner Anil Joshi said. This comes at the heart of investors prioritising deeptech startups. As per Inc42 data, India was home to more than 400 deeptech startups in 2023, a jump of 4X from 100 in 2014. Last year, deeptech startups raised $496 Mn compared to $397 Mn in 2022, as per Inc42's "Indian Tech Startup Funding Report 2023".
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EyeROV raises Rs 10 cr in pre-Series A round led by Unicorn India Ventures
Founded in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, EyeROV is a deep-tech company specialising in marine robotics and artificial intelligence (AI). The company aims to revolutionise industries such as energy, maritime, defence, and infrastructure through its cutting-edge unmanned technologies. Anil Joshi, managing partner, Unicorn India Ventures, said, "Marine robotics is a highly complex subject, and developing a drone to inspect underwater infrastructure requires unmanned technology built with precision. Unicorn India has a strong DNA as a deep-tech investor, as we understand both the hardware and software aspects of the technology."
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EyeROV, a marine robotics startup, has raised ₹10 crore in a pre-Series A funding round led by Unicorn India Ventures. The company plans to use the funds to expand its product line and enter new markets.
Funding Boost for Underwater Drone Technology
EyeROV, a Kochi-based marine robotics startup, has successfully raised ₹10 crore (approximately $1.2 million) in a pre-Series A funding round. The investment was led by Unicorn India Ventures, with participation from other investors including JITO Angel Network and Keiretsu Forum Chennai 1.
Company Background and Technology
Founded in 2016 by Johns T Mathai and Kannappa Palaniappan P, EyeROV specializes in developing underwater drones and robotics solutions. The company's flagship product, EYEROV TUNA, is an underwater drone designed for inspection, surveillance, and data collection in various marine environments 2.
Expansion Plans and Market Opportunities
With this new influx of capital, EyeROV aims to expand its product line and enter new markets. The company plans to introduce advanced features such as auto-stabilization and auto-navigation in its underwater drones. These enhancements are expected to improve the efficiency and capabilities of their products in challenging underwater conditions 3.
Industry Applications and Potential
EyeROV's technology has applications across various sectors, including oil and gas, defense, research, and underwater infrastructure inspection. The global underwater drone market is projected to reach $15.6 billion by 2030, growing at a CAGR of 12.4% from 2022 to 2030. This presents a significant opportunity for EyeROV to capitalize on the growing demand for underwater robotics solutions 4.
Investor Confidence and Future Prospects
Unicorn India Ventures, the lead investor in this funding round, expressed confidence in EyeROV's potential. Anil Joshi, Managing Partner at Unicorn India Ventures, stated that EyeROV's innovative technology and strong team position them well to address the growing need for underwater inspection and surveillance solutions 1.
Technological Advancements and AI Integration
EyeROV is not only focusing on hardware improvements but also on integrating artificial intelligence into their solutions. The company aims to develop AI-powered analytics capabilities for their underwater drones, which could potentially revolutionize data collection and analysis in marine environments 3.
Market Position and Competition
As one of the few companies in India specializing in underwater drone technology, EyeROV is well-positioned to capture a significant share of the domestic market. The company's products have already been deployed by various government agencies and private sector clients, demonstrating the practical applications and reliability of their technology 2.
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