For a start-up navigating the murky depths of the Indian Ocean, IROV Technologies (EyeROV) is beginning to see quite clearly. The Kochi-based marine robotics startup has raised Rs. 13 crore in pre-Series-A funding, co-led by AWE Funds and Unicorn India Ventures, according to a press release.
The money is intended to bolster research and development as EyeROV seeks to expand beyond its domestic shores into global markets.
Since its founding in 2017 by IIT alumni Johns T. Mathai (CEO) and Kannappa Palaniappan P (CTO), EyeROV has carved out a niche in the high-stakes world of underwater inspection. With a portfolio that includes a proprietary 10km long-tunnel inspection capability, the company has already completed over 150 projects for industrial heavyweights such as Maersk, ONGC, and Adani.
Its Robotics-as-a-Service model aims to replace high-risk manual diving with autonomous, sustainable electric systems, a shift underscored by a recent Rs. 47 crore order from the Indian Navy.
Indian startups such as EyeROV are developing products to win a share of the global market for maintenance of offshore assets which is seeing a shift from manual, hazardous operations to automated surveillance.
EyeROV estimates a $13 billion global addressable market for underwater infrastructure inspection. Deep-tech companies are increasingly viewed as essential for the long-term viability of the aging energy pipelines, subsea cables, and ports that underpin international trade.
“Some of the world’s most critical infrastructure such as energy pipelines, subsea cables, ports are offshore assets. They are all beneath the ocean’s surface and historically maintained through high-risk, manual, and expensive operations. We believe this is precisely where deep technology creates both outsized returns and meaningful impact,” Seema Chaturvedi, Founder and Managing Partner of AWE Funds, said in the press release.
The broader environment for Indian deep tech is warming, spurred by government grants and a burgeoning innovation ecosystem. For EyeROV, this round is a strategic precursor to a planned $10 million Series A, as it seeks to capture a larger share of the $800 million Indian market.
“With our recent Rs. 47 crore Indian Navy order and the surging demand for specialized inspections in the energy and infrastructure sectors, EyeROV has reached a clear inflection point,” CEO Mathai said in the press release. “This funding will accelerate our trajectory as we scale our technology and expand our footprint internationally.”
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