EyeROV Raises Rs 10 Crore in Pre-Series A Funding Led by Unicorn India Ventures
Kochi-based deep-tech startup EyeROV, specializing in marine robotics, has successfully raised Rs 10 crore ($1.2 million) in a Pre-Series A funding round led by Unicorn India Ventures. The fresh capital infusion will be directed towards expanding the company’s geographical footprint into international markets and enhancing its portfolio of advanced marine robotics products and solutions.
Established in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, EyeROV has quickly emerged as a pioneering force in the marine robotics industry. The startup is renowned for introducing India's first commercial underwater drones, also known as remotely operated underwater vehicles (ROVs), and for launching an unmanned surface vehicle (USV) that has already made inroads in both India and the Middle East North Africa (MENA) region. EyeROV's offerings are uniquely capable of inspecting long tunnels, pipelines, and other underwater infrastructure, boasting advanced integration capabilities for specialized payloads.
Commenting on the investment, Anil Joshi, Managing Partner at Unicorn India Ventures, highlighted the complexity of marine robotics and the precision required in developing technology for underwater infrastructure inspections. “Marine robotics is a highly complex subject, and developing a drone to inspect underwater infrastructure requires unmanned tech built with precision. As we have a strong track record of bringing out highly innovative companies from sectors that are still emerging or relatively new, we believe EyeROV’s products and solutions have a global application”, Joshi stated.
The funding comes on the back of a strong performance by EyeROV over the past two years. The company has demonstrated consistent year-on-year revenue growth, launched several new products, and expanded into new industry verticals and geographies. EyeROV has established itself as a leader in underwater ROV-based inspections, particularly within India's hydro sector. In FY 2024, the company secured multiple contracts both domestically and internationally, enhancing its reach through strategic partnerships in India and the GCC region. EyeROV’s client portfolio includes industry giants such as Tata, Adani, BPCL, DRDO, and the Indian Coast Guard, with the company having completed over 100 underwater inspections to date.
Johns T Mathai, CEO of EyeROV, expressed optimism about the future, noting that the funding would significantly accelerate the company’s growth. “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. Unicorn India has supported similar hardware/robotics companies in the past, and we believe this partnership will be highly beneficial”, Mathai remarked.
Looking ahead, EyeROV plans to triple its revenue by the end of the financial year, driven by increased sales in both domestic and international markets. The company is gearing up to undertake more projects across the oil & gas, maritime, and infrastructure sectors, while also advancing its efforts to supply products to the Indian defense sector. Kannappa Palaniappan P, CTO of EyeROV, added that the funding would facilitate the accelerated development of new products, validated by extensive market studies and industry inquiries.