Kochi, Sep 7: Marine robotics startup EyeROV has successfully raised Rs 10 crore ($1.2 million) in a Pre-Series A funding round led by Unicorn India Ventures. This investment is set to enhance EyeROV’s expansion into international markets.
Founded in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, EyeROV is revolutionizing the underwater domain with its cutting-edge unmanned technologies, including AI-powered underwater drones and unmanned surface vehicles. The company’s innovations are making significant impacts in maritime, defense, energy, and infrastructure sectors.
EyeROV, now in its eighth year, has introduced India’s first commercial underwater ROVs and developed a USV that serves both domestic and MENA (Middle East and North Africa) regions. The company is renowned for its expertise in inspecting long tunnels and pipelines, as well as integrating specialized payloads.
Mathai, EyeROV’s CEO, emphasized that the new funding will accelerate the company’s growth in sales, R&D, and operations. “Our solutions for underwater infrastructure inspections have been validated in the Indian market, and we are poised for global expansion,” he said.
CTO Palaniappan added, “This funding will expedite the development of our new products, which have already garnered positive feedback from market studies and industry inquiries.”
Unicorn India Ventures Managing Partner Anil Joshi highlighted the complexity of marine robotics and the precision required in unmanned tech. “Our deep-tech investment background enables us to recognize the global potential of EyeROV’s solutions,” he stated.
EyeROV has experienced steady revenue growth over the past two years and has expanded its product offerings and market presence. With strong interest from India, the MENA region, and Europe, the company is enhancing its R&D capabilities and working on specialized solutions for infrastructure inspections and defense applications.
In FY 2024, EyeROV secured numerous contracts domestically and internationally, partnering with major organizations like Tata, Adani, BPCL, DRDO, and the Indian Coast Guard. The company has completed over 100 underwater inspections and aims to triple its revenue by the end of the financial year.
