Home India Startup from IIT Madras Raises $1.6 Million In Pre-Series A Funding

Startup from IIT Madras Raises $1.6 Million In Pre-Series A Funding

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‘Planys,’ a marine robotics start-up from IIT Madras, has secured a $1.6 million pre-Series A round of funding. There are a number of investors, including Kieretsu Forum and Lets Venture. Underwater asset management software, international expansion, and research and development will all benefit from this round of funding.

Key Highlight:

  • Planys Technologies, an IIT Madras-incubated marine robotics company, has raised $1.6 million in pre-series A funding from a group of investors.
  • Investors include Kieretsu Forum, Lets Venture, and Dutch oil and gas major Shell.
  • Underwater asset management software, international expansion, and research and development will all benefit from this round of funding.

Planys Technologies, an IIT Madras-incubated marine robotics company, has raised $1.6 million in pre-series A funding from a group of investors, including Kieretsu Forum, Lets Venture, and Dutch oil and gas major Shell. ONGC Startup Fund, Ranjan Pai’s family office MEMG, and Infosys co-founder Kris Gopalakrishnan participated in the funding round.

New software-assisted underwater asset management products will be developed as a result of the company’s current funding round.

Tanuj Jhunjhunwala, Vineet Upadhayay, Rakesh Sirikonda, and Prabhu Rajagopal and Krishnan Balasubramanian, all IIT Madras alums, founded Planys, a marine robotics and analytics company that serves the underwater inspection industry.

Research and customer satisfaction are the driving forces behind Planys.

It’s difficult for us to keep track of the trillions of dollars worth of assets that these industries have, which we serve. They need digital solutions to improve operational efficiency and quickly identify and fix problems. Tanuj Jhunjhwala, co-founder and CEO of Planys, believes that the combination of Planys’ data analytics and digital reporting platform with its underwater robotics and NDT expertise is a game-changer.

Pre-Series A funding of $2 million was raised in 2018 by Planys Technologies, which builds robots to monitor remote infrastructure assets for integrity and functionality.

Planys is currently working with Shell on digital transformations for marine assets using robotics, NDT, and data as part of the Shell E4 cohort.

By utilizing Qualcomm’s 5G capabilities for water-to-air data collection and transmission, Qualcomm could select the company for its Design in India challenge.

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