EyeROV Secures Rs 10 Crore Funding to Propel Global Expansion and Advance Marine Robotics

EyeROV, a pioneering developer of underwater drones, has successfully raised Rs 10 crore (approximately $1.2 million) in a funding round led by Unicorn India Ventures. This substantial investment marks a significant milestone for the startup, setting the stage for accelerated growth and global expansion.

The newly acquired funds will be channeled towards expanding EyeROV’s presence in international markets and advancing the development of its marine robotics products. The company, founded in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, has already made a mark in the Indian market with its innovative underwater drone solutions.

Enhancing Marine Robotics with Cutting-Edge Technology

EyeROV specializes in remotely operated vehicles (ROVs) and unmanned surface vehicles (USVs) designed for underwater infrastructure inspections. The startup has collaborated with prominent clients such as the Tata Group, Adani Group, Bharat Petroleum Corp, Defence Research and Development Organisation (DRDO), and the Indian Coast Guard. With a track record of over 100 successful underwater inspections, EyeROV is poised to leverage its new funding to further enhance its technological capabilities.

“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,” said Johns T Mathai, co-founder of EyeROV.

Strategic Growth Plans

EyeROV’s growth strategy includes a significant push into the oil and gas, maritime, and infrastructure sectors. The company is also focused on advancing its initiatives to supply products to the Indian defence sector. EyeROV aims to triple its revenue by the end of fiscal 2025, building on its turnover of Rs 4 crore in FY24.

Unicorn India Ventures' Perspective

Anil Joshi, Managing Partner at Unicorn India Ventures, emphasized the importance of precision in marine robotics. “Marine robotics is a highly complex subject, and developing a drone to inspect underwater infrastructure requires unmanned tech built with precision,” he noted. This funding round underscores Unicorn India Ventures' commitment to supporting innovative deeptech solutions.

The recent funding infusion will enable EyeROV to enhance its research and development efforts, scale its sales operations, and explore new markets in the Middle East and North Africa region. The company’s robust product lineup and strategic plans position it well for a significant impact in the global marine robotics industry.