EyeROV raises Rs 10 cr in pre-Series A round led by Unicorn India Ventures
Source: Business Standard
EyeROV, a marine robotics deep-tech startup, on Tuesday announced 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 deployed to further strengthen EyeROV’s geographical expansion into international markets and develop advanced marine robotics products and solutions to augment EyeROV’s current offerings.
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 aims to revolutionise industries such as energy, maritime, defence, and infrastructure through its cutting-edge unmanned technologies.
“Marine robotics is a highly complex subject and developing a drone to inspect underwater infrastructure requires unmanned tech built with precision. Unicorn India has a strong DNA of a deep tech investor as we understand the tech- both hardware and software aspect,” Anil Joshi, managing partner, Unicorn India Ventures, said.
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.
EyeROV has seen consistent revenue growth over the past 24 months year-on-year, launched multiple new products and expanded to new industry verticals and geographies and is a leader in underwater ROV-based inspections in India’s hydro sector.
With strong customer interest in India, the MENA region, and Europe, particularly in the infrastructure, power, and oil & gas sectors, EyeROV is strengthening its market presence and developing new R&D capabilities to bring unique solutions to the market.
“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. Unicorn India has supported similar hardware/robotics companies in the past, and we believe this partnership will be highly beneficial,” Johns T Mathai, CEO, EyeROV, said.
In the financial year 2024, EyeROV secured multiple contracts domestically and internationally, expanding its reach through partnerships in India and the GCC region. The company serves esteemed clients such as Tata, Adani, BPCL, DRDO, and the Indian Coast Guard, having completed over 100 underwater inspections.
First Published: Aug 13 2024 | 4:52 PM IST
