EyeROV Secures Rs10 Crore In Pre-Series A Funding
The investment will be utilised to enhance EyeROV’s international market presence and develop cutting-edge marine robotics products.
EyeROV, a marine robotics deep-tech startup, has raised Rs 10 Crore (USD 1.2 million) in a Pre-Series A funding round led by Unicorn India Ventures.
In a press statement on Tuesday, the company said that the investment will be utilised to enhance EyeROV’s international market presence and develop cutting-edge marine robotics products.
The latest funding will support EyeROV’s expansion into new international markets and the development of advanced marine robotic solutions. The company aims to triple its revenue by the end of the financial year, bolstering its sales efforts both domestically and abroad.
Anil Joshi, Managing Partner at Unicorn India Ventures, commented, “Marine robotics is a highly complex field, and EyeROV’s innovative unmanned technology is built with exceptional precision. With our strong track record in supporting emerging deep-tech companies, we believe EyeROV’s solutions have significant global potential.”
EyeROV has shown consistent revenue growth over the past 24 months, launching multiple new products and expanding into new verticals and geographies. The company has established itself as a leader in underwater ROV-based inspections in India’s hydro sector and is exploring new R&D capabilities for infrastructure inspections.
The company’s specialised solutions are also being developed in collaboration with defence R&D labs and forces under the Innovations for Defence Excellence (IDEX) initiative, focusing on maritime intelligence, surveillance, and reconnaissance (ISR) applications.
Johns T Mathai, CEO of EyeROV, said, “This funding will accelerate our sales, R&D, and operations. Our unique solutions for underwater infrastructure inspections have proven successful in the Indian market, and we are now poised for global expansion. Unicorn India’s support will be instrumental in our growth journey.”
In FY 2024, EyeROV has secured multiple domestic and international contracts, partnering with prominent clients such as Tata, Adani, BPCL, DRDO, and the Indian Coast Guard, and has completed over 100 underwater inspections. The company plans to increase its project engagements in the oil & gas, maritime, and infrastructure sectors and further its contributions to the Indian defence sector.
Kannappa Palaniappan P, CTO of EyeROV, added, “The funding will expedite the development of new products that have been validated through market studies and industry inquiries.”
