EyeROV Secures Rs 10 Crore in Pre-Series A Funding to Expand Marine Robotics Innovation

ENA Sectors 2024-08-14 15:25:17 New Delhi, Aug 14 (KNN) In a significant development for India's deep-tech sector, marine robotics startup EyeROV has successfully raised â¹10 crore (approximately $1.2 million) in a Pre-Series A funding round. The investment, led by Unicorn India Ventures, marks a pivotal moment for the Kochi-based company as it sets its sights on international expansion and product development. Founded in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, EyeROV has rapidly established itself as a pioneer in the marine robotics field. The company's innovative approach combines robotics with artificial intelligence to address critical needs in sectors such as energy, maritime, defence, and infrastructure. EyeROV's flagship achievements include the introduction of India's first commercial underwater drones, also known as remotely operated vehicles (ROVs), and the launch of an unmanned surface vehicle (USV). These technologies have found applications not only within India but also in the Middle East and North Africa (MENA) region. Anil Joshi, Managing Partner at Unicorn India Ventures, emphasised the complexity of marine robotics and the precision required in developing underwater inspection drones. He expressed confidence in EyeROV's potential, citing Unicorn India's experience in deep-tech investments. The fresh capital infusion will primarily be used to accelerate EyeROV's international market penetration and to enhance its product portfolio. The company has reported consistent revenue growth over the past two years and has successfully expanded into new industry verticals and geographical markets. EyeROV's CEO, Johns T Mathai, shared his excitement about the funding, stating, This investment will significantly boost our sales, R&D, and operations. Our unique solutions for underwater infrastructure inspections have been validated in the Indian market, and we're now ready for global expansion. The company's client roster includes major players such as Tata, Adani, BPCL, DRDO, and the Indian Coast Guard. With over 100 underwater inspections completed, EyeROV has proven its capabilities in challenging environments, particularly in India's hydro sector where it leads in ROV-based inspections. Looking ahead, EyeROV is poised to capitalise on growing interest from India, the MENA region, and Europe, particularly in the infrastructure, power, and oil & gas sectors. The company's focus on developing new R&D capabilities and bringing innovative solutions to market positions it well for future growth in the rapidly evolving field of marine robotics. As EyeROV embarks on this new chapter, its success story serves as a testament to India's growing prowess in deep-tech innovation and the potential for homegrown startups to make a global impact in specialised technological domains. (KNN Bureau) 38969 https://knnindia.co.in/news/newsdetails/sectors/eyerov-secures-rs-10-crore-in-pre-series-a-funding-to-expand-marine-robotics-innovation 2024-08-14 15:25:17 knnindia.co.in EyeROV Secures Rs 10 Crore in Pre-Series A Funding to Expand Marine Robotics Innovation