Chennai-based Planys Technologies, an IIT-Madras incubated marine robotics startup that provides under-water inspection and survey solutions using custom-built submersible drones, is raising ₹14 Cr Series A round, according to a report by Paper.vc.
According to the regulatory filings, Planys have received ₹6.78 Cr of the ₹14 Cr investment from Kris Gopalakrishnan along with other investors who participated in this round including Pratithi Investment Trust, MEMG (Manipal Education and Medical Group) Family Office, and some HNIs including S Gopal, former director of Chemplast Sanmar.
The company has issued 100 equity shares of ₹10/- each and 2,640 Series A preference shares of ₹1,500/- each at a premium of ₹ 23,940/- each.
The startup had earlier raised $260,000 in angel funding from the Singapore and Chennai chapters of Keiretsu Forum, in December 2015. Prior to that, the startup had also received a grant from India’s Ministry of MSME.
Founded in 2015 by IIT-Madras alumni — Tanuj Jhunjhunwala, Vineet Upadhyay and Rakesh Sirikonda, Planys provides underwater inspection services by deploying the under water robot at the client’s location and providing detailed analysis. The clients in turn are charged service fees depending on their requirements. The startup operates on a hardware-as-a-service premise.
Another similar startup in India which is also working on under water robotic inspection is Kochi-based EyeROV, which is pre-incubated at Kochi’s Maker Village, that has successfully developed an robotic drone that is capable of performing Visual inspection/survey of underwater/ submerged structures. EyeROV’s drone can send real-time HD video of ships or for that matter any underwater structure for maintenance and repair operations purposes.
This month, Kerala-based GenRobotic, along with three other startups, has raised funding from Unicorn India Ventures.
Last month, Manipal Education and Medical Group (MEMG), which has participated in this Planys funding, had invested $3.2 million in AEON Learning, a leading edtech company based out of Bangalore, and prior to this it has also participated in $4.5 million Series A funding in Grow Fit, a Growth Story-backed mobile health startup.