Marine robotics Deeptech startup EyeROV raises Rs 10 crore

EyeROV, a marine robotics deeptech startup providing products and solutions in the field of underwater domain, has raised Rs 10 crore (or $1.2 million) in a pre-Series A funding round led by Unicorn India Ventures.

Specialising in marine robotics and AI

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 startup aims to revolutionise industries such as energy, maritime, defence, and infrastructure through its cutting-edge unmanned technologies. 

It claims to have 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.

Purpose of fundraising

The funds deployed will further strengthen EyeROV's geographical expansion into international markets and develop advanced marine robotics products and solutions to augment its current offerings, according to the company's statement. 

"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," said Johns T Mathai, CEO of EyeROV.

Kannappa Palaniappan P, CTO of EyeROV, added, "This funding will accelerate the development of new products, which have been validated by market studies and numerous industry inquiries."

Strenghtening R&D capabilities 

EyeROV also claims to have witnessed consistent revenue growth over the past 24 months Year-on-Year, launched multiple new products, and expanded to new industry verticals and geographies.

The startup 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 Innovations for Defence Excellence (IDEX) initiative to develop maritime intelligence, surveillance, and reconnaissance (ISR) solutions.

Serving notable companies

In FY 2024, EyeROV secured multiple contracts domestically and internationally, expanding its reach through partnerships in India and the GCC region.

The startup said it serves clients such as Tata, Adani, BPCL, DRDO, and the Indian Coast Guard and has completed over 100 underwater inspections.

It plans to triple its revenue by the end of the financial year by boosting sales in both domestic and international markets.

EyeROV will undertake more projects in oil & gas, maritime, and infrastructure sectors, and is advancing its efforts to supply products to the Indian defence sector, the company said.

Investor comments

Commenting on the investment, Anil Joshi, Managing Partner, Unicorn India Ventures, said, “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."

"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.”