EyeROV Raises Rs 10 cr in Pre-Series A led by Unicorn India Ventures

KOCHI:
Marine robotics deep-tech startup EyeROV raised Rs 10 crore ($1.2 million US dollars) in a pre-series A-round led by Unicorn India Ventures, potentially strengthening the startup’s expansion in international markets.

As a fast-growing company providing products and solutions in the underwater domain, the funding comes amid EyeROV, in its eighth year, seeking to revolutionize industries such as maritime, defense, energy and infrastructure through cutting-edge unmanned technologies, including artificial intelligence.

Founded in 2016 by IIT classmates Johns T Mathai and Kannappa Palaniappan P, EyeROV has introduced India’s first commercial underwater drones/ROVs and launched a USV (unmanned surface vehicle) that provides solutions both within the country and the MENA (Middle East and North Africa) region.

The company also possesses unique capabilities for inspecting very long tunnels and pipelines and has advanced integration capabilities for specialised payloads.

Mathai, who is CEO of EyeROV, said the funding will enable the startup to scale up 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,” he revealed. “We are now ready for global expansion.”

Added Palaniappan, CTO, EyeROV: “This funding will accelerate the development of our new products, which have been validated by market studies and industry inquiries.”

Unicorn India Ventures Managing Partner Anil Joshi, commenting on the investment, noted that marine robotics is a “highly complex subject” and developing a drone to inspect underwater infrastructure requires unmanned tech built with precision.

“We have a strong DNA of a deep-tech investor, as we understand the tech, both hardware and software. Further, we have a strong track record of bringing out highly innovative companies from sectors that are still emerging or relatively new,” he said. “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 while expanding to new industry verticals and geographies to emerge as a leader in underwater ROV-based inspections in the country’s hydro sector.

With strong customer interest in India, the MENA region and Europe, particularly in the infrastructure, power, and oil and gas sectors, EyeROV is strengthening its market presence and developing new R&D capabilities to bring unique solutions to the market. It is also creating specialised solutions for infrastructure inspections and collaborating with defence R&D labs and forces through the IDEX (Innovations for Defence Excellence) initiative to develop maritime ISR (intelligence, surveillance and reconnaissance) solutions.

In FY 2024, the company secured multiple contracts domestically and internationally, expanding its reach through partnerships in India and the GCC region. Its clients include 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 current financial year by boosting sales in both domestic and international markets. It is set to undertake more projects in oil and gas, maritime and infrastructure sectors, and is advancing its efforts to supply products to the Indian defence sector.

KSUM is the Kerala government’s nodal agency established in 2006 for entrepreneurship development and incubation activities in the state.