EyeROV, a marine robotics deep-tech startup providing products and solutions in the field of underwater domain has raised INR 10 Crore ($1.2M) in a Pre-Series A round led by Unicorn India Ventures. The funds deployed will 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 pioneering 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.
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.
Commenting on the investment, Anil Joshi, Managing Partner, Unicorn India Ventures, says "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. As we have a strong track record of bringing out highly innovative companies from sectors that are still emerging or relatively new, we believe EyeROV's products and solutions have a global application."
EyeROV has seen consistent revenue growth over the past 24 months Year on Year and 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.
EyeROV is also creating specialised solutions for infrastructure inspections and collaborating with defence R&D labs and forces through the Innovations for Defence Excellence (IDEX) initiative to develop maritime intelligence, surveillance, and reconnaissance (ISR) solutions.
Johns T Mathai, CEO, EyeROV says, "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 FY 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.
EyeROV plans to triple its revenue by the end of the financial year by boosting sales in both domestic and international markets. The company is set to undertake more projects in oil & gas, maritime, and infrastructure sectors, and is advancing its efforts to supply products to the Indian defence sector.
Kannappa Palaniappan P, CTO, EyeROV, adds, "This funding will accelerate the development of new products, which have been validated by market studies and numerous industry inquiries." |
