EyeROV, a developer of underwater drones, secured Rs 10 crore (approximately $1.2 million) in a funding round led by Unicorn India Ventures. The funds will be used to expand into international markets and enhance the development of marine robotics products and solutions to complement its current offerings.
Established in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, the Kochi-based deeptech company collaborates with clients such as the Tata Group, Adani Group, Bharat Petroleum Corp, Defence Research and Development Organisation, and the Indian Coast Guard. The startup has successfully completed over 100 underwater inspections.
With this funding, EyeROV plans to accelerate its sales, research and development, and operations. The company has developed unique and differentiated solutions for underwater infrastructure inspections, which have been successfully validated in the Indian market and are now poised for global expansion.
EyeROV has introduced commercial underwater drones or remotely operated vehicles and launched an unmanned surface vehicle, providing solutions in India and the Middle East and North Africa region. The company aims to triple its revenue by the end of fiscal 2025 by increasing sales in both domestic and international markets, with a turnover of Rs 4 crore in FY24.
Additionally, the company plans to undertake more projects in the oil and gas, maritime, and infrastructure sectors, while advancing its efforts to supply products to the Indian defense sector. The development of a drone to inspect underwater infrastructure requires unmanned technology built with precision, making marine robotics a highly complex subject, as highlighted by Anil Joshi, managing partner at Unicorn India Ventures.
