The proceeds will be used for expansion in international markets and promote the development of marine robotics products and solutions to complement its existing offering, the company said.
Founded in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, the Kochi-based deeptech company works with clients such as Tata Group, Adani Group, Bharat Petroleum Corp, Defence Research and Development Organisation and the Indian Coast Guard. According to the startup, it has successfully completed over 100 underwater inspections.
“With this funding, EyeROV will be able to scale up its sales, R&D and operations much faster. We have developed unique and differentiated solutions for subsea infrastructure inspections that have been successfully validated in the Indian market and are now ready for global expansion,” Mathai said.
It has introduced commercial underwater drones or remotely operated vehicles and launched a unmanned surface vehicleproviding solutions in India and the Middle East and North Africa region.
EyeROV aims to triple its revenue by the end of FY25 by increasing sales in both the domestic and international markets. It had a turnover of Rs 40 crore in FY24.
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The company plans to take on additional projects in the oil and gas, maritime and infrastructure sectors, while advancing its initiatives to supply products to the Indian Defence Sector“Marine robotics is a highly complex topic and developing a drone to inspect underwater infrastructure requires precision-built unmanned technology,” said Anil Joshi, managing partner at Unicorn India Ventures.
On July 1, ET reported that Pivot Robots, a US-based artificial intelligence startupwhich develops software for robotic arms, raised an undisclosed amount of money from seed venture fund NuVentures.
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