The undersea drone company EyeROV raised Rs 10 crore (about $1.2 million) in a fundraising round headed by Unicorn India Ventures. The money will be utilized to broaden the company’s reach into foreign markets and further the creation of marine robotics solutions and products to supplement what it now offers.
The Kochi-based deeptech business was founded in 2016 by Johns T. Mathai and Kannappa Palaniappan P., both IIT alumni. It works with clients like the Indian Coast Guard, the Tata Group, the Adani Group, Bharat Petroleum Corp., and the Defence Research and Development Organization. More than 100 underwater examinations have been successfully done by the startup.
With the help of this money, EyeROV hopes to expand its operations, R&D, and sales. After being successfully proven in the Indian market, the company’s distinctive and differentiating underwater infrastructure inspection solutions are now ready for worldwide expansion.
In order to provide solutions in India as well as the Middle East and North Africa, EyeROV has launched an unmanned surface vehicle and offered commercial underwater drones or remotely operated vehicles. With a turnover of Rs 4 crore in FY24, the company hopes to triple its revenue by the end of fiscal 2025 by boosting sales in both domestic and foreign markets.
The company also intends to increase its efforts to offer items to the Indian defense industry while taking on additional projects in the infrastructure, maritime, and oil and gas industries. Marine robotics is a tremendously complex field, as noted by Anil Joshi, managing partner at Unicorn India Ventures, because developing a drone to investigate underwater infrastructure requires unmanned technology constructed with precision.
Read More – Skydo Gets $5 Million in New Funding to Increase Market Share and Develop Cross-Border Payment Solutions
