Marine robotics startup EyeROV has successfully secured Rs 10 crore (approximately $1.2 million) in a pre-series A funding round. The investment was led by Unicorn India Ventures and aims to bolster EyeROV’s expansion into international markets. This funding comes as the company enters its eighth year, with plans to advance its presence in sectors such as maritime, defence, energy, and infrastructure through innovative unmanned technologies.
Founders and Product Innovations
Established in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, EyeROV has made significant strides in the underwater robotics sector. The company introduced India’s first commercial underwater drones and remotely operated vehicles (ROVs), as well as an unmanned surface vehicle (USV) catering to both domestic and MENA (Middle East and North Africa) markets. EyeROV is known for its expertise in inspecting long tunnels and pipelines, and integrating specialized payloads.
Impact of the Funding
The recent funding will accelerate EyeROV’s sales, research and development, and operational capacities. Mathai, the CEO, emphasized that the investment will help scale the company’s unique underwater infrastructure inspection solutions, which have already been validated in India. He expressed readiness for global expansion.
Palaniappan, the CTO, added that the funds would expedite the development of new products, which have been positively received in market studies and industry inquiries.
Investor Insights
Anil Joshi, Managing Partner at Unicorn India Ventures, highlighted the complexity of marine robotics and the precision required for developing underwater inspection drones. Joshi noted Unicorn India Ventures’ deep-tech expertise and its history of supporting innovative companies in emerging sectors. He expressed confidence in EyeROV’s potential for global application.
Growth and Future Plans
Over the past two years, EyeROV has experienced steady revenue growth and has expanded its product offerings. The company has garnered interest in India, the MENA region, and Europe, particularly in infrastructure, power, and oil and gas sectors. EyeROV is also involved in developing specialised solutions for infrastructure inspections and collaborating with defence R&D labs through the IDEX (Innovations for Defence Excellence) initiative to create maritime ISR (intelligence, surveillance, and reconnaissance) solutions.
Expanding Market Presence
In FY 2024, EyeROV secured numerous contracts both domestically and internationally, expanding its partnerships in India and the GCC region. Its client list includes major organisations such as Tata, Adani, BPCL, DRDO, and the Indian Coast Guard. The company aims to triple its revenue by the end of the financial year, focusing on increased sales in domestic and international markets, with ongoing projects in the oil and gas, maritime, and infrastructure sectors, as well as advancing its offerings to the Indian defence sector.
