While our astronauts are figuring out ways to travel to Mars, not much is being done to know more about our deep-water world. A majority part of our seas, oceans and the mysterious marine world are still unknown to mankind. The lack of advanced technology to monitor and visualize the underwater environment led the founders of EyeRov – India’s first commercial underwater drone maker, to come up with high-tech underwater robotic systems. This Kochi-based startup has been successful in bringing data-led reporting and convenience in marine inspections with its compact remotely-operated underwater drone. Let us read further to understand what exactly EyeRov does and its business model.
About EyeRov
EyeROV was founded in 2016 by IIT Alumnus Johns T Mathai and Kannappa Palaniappan. The main goal of all these systems is to make it easier for the users to comprehend the underwater environment, gather reliable data, and use it to generate insights and make wise decisions. In the field of critical infrastructure structural integrity inspection, EyeROV serves as a technology enabler. The smart, high-tech drones swim into waters too dangerous for divers, scan the bottom, and then return with thorough reports.1000+ underwater inspection hours were completed to date by EyeROV TUNA on dams, bridges, oil pipelines, and other structures.
Although marine robotics is not a very commonly heard industry, its critical nature cannot be undermined. Many large-scale ecological problems can be solved with advanced technologies in this field. A remotely operated underwater drone can solve problems for industries like infrastructure and construction, shipping, defense, and ocean research organizations.
The rover can detect corrosion in oil pipelines or a dam crack 100 meters under the surface. Based on the information the drones record, data analytics and visualization assist in making timely decisions. There are times when soldiers must cross perilous rivers in a hostile environment. The currents are strong, the water is frequently ice-cold, and visibility is minimal. A submerged drone could enter the area first and inform the troops of what to expect.
EyeRov Mission and Values
The mission of EyeROV is to offer inspection and surveillance solutions that are safer, smarter, and more effective. The goal of EyeROV is to develop domestic robotics and AI systems that will enhance maritime, energy, and infrastructure surveillance and inspection capabilities.
Business Model
After more than a year of product development, EyeROV’s first industrial-grade underwater drone, the EyeROV Tuna, saw a successful launch in August 2018. The cube-shaped 50cm X 50cm X 50cm ROV has managed to complete more than 1,000 hours of underwater inspection work on dams, bridges, ports, ship hulls, oil and gas assets, and other important underwater structures across 25 projects in five states. It can be operated remotely with a laptop or joystick up to a depth of 200 meters. It also works in that range. A full-HD camera mounted on the drone records a video stream of the underwater environment and is effective even in low light. With the help of cutting-edge imaging techniques, the videos can be improved by up to 30% more.
While vendors are responsible for the product’s manufacturing, the startup possesses the final design patent. Along with selling drones, EyeROV also receives PaaS (Platform as a Service) and RaaS (Robotics as a Service) fees. In RaaS, they conduct the inspection themselves and give their clients the reports. Only the inspection service is billed to them. Businesses that use PaaS pay a monthly subscription fee to access the entire data analytics solution.
Sale of the EyeROV Tuna has begun on the Government e-Marketplace at a price of Rs 18 lakh (GeM). The startup aims to reach gross revenues of Rs 5 crore by 2023.
Challenges Faced
High water currents, hostile marine creatures, poor visibility are only a few of the immense challenges faced in this industry. Furthermore, divers can only dive upto a certain depth in the daytime and not beyond. Nighttime diving is next to impossible as visibility becomes zero.
Funding and Revenue
The Department of Science and Technology’s India Innovation Growth Program (IIGP), Maker Village Kochi, Kerala Startup Mission, and other organizations support the startup (DST). Additionally, in 2019, EyeROV received a seed round of Rs 1.75 crore from GAIL, the largest state-owned natural gas distribution, and processing company in India. Additionally, it hopes to close a $1 million pre-Series A round in order to expand its new product line, improve its analytics platform, and grow its 17-person team.
With 5 intelligent products under its belt, EyeRov has launched an innovative solution to solve the challenges faced by some very crucial industries. The smart, high-tech underwater drones are swooping way beyond the dangerous depths of seas and oceans to give us some very important time-saving, life-saving and problem-averting solutions. They have raised substantial funding so far and are going stronger year after year.
