EyeROV Secures ₹10 Crore in Pre-Series A Funding for Underwater Drone Technology

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On Tue, 13 Aug, 4:02 PM UTC

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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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