EyeROV, a marine robotics deep-tech startup, today announced that it has raised Rs 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 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.”
The company has successfully introduced India's first commercial underwater drones/remotely operated vehicles (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 (Y-o-Y), launched multiple new products, and expanded into new industry verticals and geographies. It is a leader in underwater ROV-based inspections in India's hydro sector.
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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 research and development (R&D) capabilities to bring unique solutions to the market.
Johns T Mathai, CEO, EyeROV, said, "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."
In FY24, 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.
