Robotic Inspection startup Planys Technologies raises another $1.04 million in an extended round of Series A

By: | Published: February 26, 2018 5:23 PM

The IIT-Madras incubated company develops underwater robotics and diagnostics in the shallow mid-depth section. The company deals in marine robotics, advanced non-destructive evaluation and post inspection analysis

Robotic Inspection startup Planys Technologies raises another $1.04 million in an extended round of Series A

Robotic inspection startup, Planys Technologies has secured $1.04 million as a part of its extended series A round of investment of $2.16 million. The round was led by Kris Gopalakrishnan with participation from HNIs, MEMG Family Office and Pratithi Investment trust. Founded by Rakesh Sirikonda, Tanuj Jhunjhunwala and Vineet Upadhyay in 2015, the Chennai based startup enables submersible robotic inspection and survey solutions using ROVs (remotely operated vehicles).  

The IIT-Madras incubated company develops underwater robotics and diagnostics in the shallow mid-depth section. The company deals in marine robotics, advanced non-destructive evaluation and post inspection analysis. The company further enables ROV manufacture, operations and structural diagnostics. It claims to be the first and only OEM of ROVs in the country. It is currently working in offshore locations with its clientele Chennai Port Trust, Visakhapatnam Port Trust and L&T Kattupalli International Container Terminal.

Last year, Planys technologies took its first marine robot Mike to train it over 700 hours and just after a month they launched their ROV Beluga. According to the website, Beluga has better thrust capacity, ability to go 200 meters deep and speed up the machine by four folds.

According to a recently published report, with automation picking up the pace, the country’s robotics market is predicted to grow at 20 percent CAGR between 2017 to 2025 and reach a figure of $350 million. Among the key triggers of the growth, chronic diseases, rise in geriatric population and demand for better technology are are ones driving the majority of growth in the sector.

While according to a MarketsandMarkets report, the robotics market is pegged over $4 billion and is expected to reach $14.29 billion by 2023 at a CAGR of 23.7 percent. The report further adds that the demand is generated by the growing adoption of autonomous robots for professional services and increasing investments in the industrial sector, where automation decides the number.

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