Deep Dive Funding: Underwater Robotics Startup Secures ₹100 Cr to Revolutionize Defence and Industrial Inspection!

Deeptech Startup Planys Technologies Raises INR 100 Crore

Planys Technologies, a Chennai-based deeptech startup specializing in underwater inspection services using its own remotely operated vehicles (ROVs), has successfully raised INR 100 crore ($11.1 million) in its latest funding round. The investment was led by prominent investor Ashish Kacholia and Alchemy Capital cofounder Lashit Sanghvi, signalling strong confidence in the company's innovative technology and growth potential.

Funding Round Details

• The funding round saw participation from existing investors, including Pratithi Investment, Samarthya Investment Advisors, 3i Partners, and Letsventure, alongside undisclosed angel investors.
• This significant capital infusion was a mix of primary and secondary transactions, which allowed some early investors in Planys Technologies to exit.
• This marks the largest fund infusion for the 10-year-old startup, which had previously raised over $9 million from various investors.

Strategic Use of Capital

The newly acquired funds are earmarked for strategic expansion and development initiatives:

• Global Scale-up: To expand its industrial inspection business across international markets.
• Defence Tech Acceleration: To bolster its fast-growing defence technology business through its dedicated subsidiary, Planys Ark.
• Manufacturing Expansion: To establish a new, dedicated production facility for unmanned underwater vehicles (UUVs) in South Chennai.

Company Background and Innovation

Founded in 2015 by IIT Madras alumni, Planys Technologies focuses on developing advanced unmanned vehicles like ROVs, hybrid crawlers, underwater NDT systems, and autonomous underwater vehicles (AUVs). These technologies are used to provide crucial data acquisition and analytics services for the marine industry. The company boasts a strong intellectual property portfolio with 21 granted patents and 15 more pending.

• Planys Technologies claims its UUVs have accumulated over 25,000 hours of successful deployment for 150 clients across 500 sites in more than 10 countries.
• Key clients include the Maharashtra government's Public Works Department, Port of Rotterdam, Tata Steel, NTPC, Hindustan Petroleum, and Bharat Petroleum.

Deepening Focus on Defence Technology

Planys Technologies is increasingly venturing into maritime warfare solutions. Through its subsidiary, Planys Ark, the company offers advanced defence products:

• AUV Svaayatt: Designed for anti-submarine warfare, surveillance, and mine countermeasures, capable of operating up to 300 meters deep.
• ROV Trikhand: Suitable for mine countermeasures, documentation, and inspection in hazardous underwater environments.

This strategic push into defence tech aligns with India's national objective of promoting indigenous deeptech capabilities within its defence ecosystem, a trend that is fostering significant startup activity in the sector.

Market Context and Growth

The Indian defence tech market is experiencing substantial growth. According to Inc42's report, the market is projected to expand from $7.6 billion in 2025 to $19 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 20%. This growth is partly driven by government initiatives and a significant number of contracts awarded to domestic players, such as the INR 47 crore order secured by marine robotics startup EyeROV from the Indian Navy.

Investor Confidence

Ashish Kacholia's continued investment in Planys Technologies, following his participation in a $5 million round in April 2024, highlights his sustained belief in the startup's disruptive potential and its position in the burgeoning deeptech and defence sectors.

Impact

• This funding could significantly boost India's capabilities in underwater robotics and defence technology, reducing reliance on foreign imports.
• It supports the government's 'Make in India' initiative by strengthening indigenous manufacturing in the strategic defence sector.
• Planys Technologies' global expansion could enhance India's reputation in advanced technological services.
• Impact Rating: 7/10

Difficult Terms Explained

• Deeptech: Refers to startups or companies focused on developing groundbreaking, often science-based or engineering-driven technologies that typically require significant research and development.
• ROV (Remotely Operated Vehicle): An unmanned, tethered underwater vehicle controlled from the surface.
• UUV (Unmanned Underwater Vehicle): A broad category of underwater robots that operate without a human onboard; includes ROVs and AUVs.
• Defencetech: Technology specifically developed or applied for defence and military purposes.
• AUV (Autonomous Underwater Vehicle): An underwater robot that operates independently without direct human control, capable of planning its own path.
• NDT (Non-Destructive Testing): Methods used to evaluate the properties of a material, component, or system without causing damage.
• CAGR (Compound Annual Growth Rate): A measure of the average annual growth rate of an investment over a specified period of time longer than one year.