- EyeROV is rapidly emerging as a leader in marine robotics, specializing in advanced underwater drone technology. The company is set on revolutionizing industries such as maritime, defense, energy, and infrastructure through its state-of-the-art unmanned technologies.
- Having successfully launched India’s first commercial underwater drones/ROVs and an unmanned surface vehicle (USV), EyeROV is delivering cutting-edge solutions across India and the MENA region.
- The newly secured funds will be utilized to expand EyeROV’s presence in international markets and to develop more advanced marine robotics products.
- The company is on track to triple its revenue by the end of this financial year, with plans to significantly increase sales in both Indian and global markets.
Kerala/Mumbai, 13th August 2024: EyeROV, a leading marine robotics deep-tech startup specializing in underwater solutions, has successfully raised INR 10 Crore (approximately $1.2 million) in a Pre-Series A round, led by Unicorn India Ventures. The investment will be used to bolster EyeROV’s expansion into international markets and to further develop advanced marine robotics products, enhancing the company’s current portfolio.
Founded in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, EyeROV is at the forefront of deep-tech innovation, focusing on marine robotics and AI. The company is revolutionizing industries such as energy, maritime, defense, and infrastructure with its cutting-edge unmanned technologies.
EyeROV has made significant strides in the industry, introducing India’s first commercial underwater drones/ROVs and launching an unmanned surface vehicle (USV) that is already serving clients in both India and the MENA region. The company also boasts unique capabilities in inspecting long tunnels and pipelines and offers advanced integration for specialized payloads.
Commenting on the investment, Anil Joshi, Managing Partner of Unicorn India Ventures, stated, “Marine robotics is a complex and precision-driven field, especially when it comes to developing drones for underwater infrastructure inspection. With our strong track record in deep-tech investments, we recognize the global potential of EyeROV’s innovative products and solutions.”
Over the past 24 months, EyeROV has consistently grown its revenue year-on-year, launched multiple new products, and expanded into new industry verticals and regions, establishing itself as a leader in underwater ROV-based inspections in India’s hydro sector.
With growing customer demand in India, the MENA region, and Europe—especially within the infrastructure, power, and oil & gas sectors—EyeROV is focused on strengthening its market presence and advancing its R&D capabilities to deliver unique solutions. The company is also developing specialized infrastructure inspection solutions and collaborating with defense R&D labs and military forces through the Innovations for Defence Excellence (IDEX) initiative to create maritime intelligence, surveillance, and reconnaissance (ISR) systems.
Johns T Mathai, CEO of EyeROV, commented, “This funding will accelerate our sales, R&D, and operational capabilities, enabling us to scale rapidly. We have successfully validated our unique solutions for underwater infrastructure inspections in the Indian market and are now poised for global expansion. The partnership with Unicorn India Ventures, given their experience with hardware and robotics companies, will be instrumental in our growth.”
In FY 2024, EyeROV secured numerous contracts both domestically and internationally, expanding its footprint through strategic partnerships in India and the GCC region. Serving prestigious clients such as Tata, Adani, BPCL, DRDO, and the Indian Coast Guard, the company has completed over 100 underwater inspections to date.
Looking ahead, EyeROV aims to triple its revenue by the end of the financial year by ramping up sales in both domestic and international markets. The company is set to undertake more projects in the oil & gas, maritime, and infrastructure sectors, while also intensifying efforts to supply products to the Indian defense sector.
Kannappa Palaniappan P, CTO of EyeROV, added, “This funding will expedite the development of new products, which have already been validated by market studies and industry demand.”
