IIT Madras alumni founded deeptech startup Planys Technologies raises Rs 43 crore

Planys Technologies, an IIT Madras Incubation Cell deeptech startup pioneering in underwater infrastructure testing, has raised Rs 43 crore in funding led by renowned investor Ashish Kacholia.

The round also saw participation from Samarthya Advisors, Golden Birch Investments, Cogniphy Angel Fund, Krishna Defence, and Impact India Investment Partners LLC, alongside backing from existing investors. It also saw exits from many first-round seed investors.

What is the purpose of fundraising?

The startup said the capital it raised would accelerate its mission to revolutionize infrastructure inspections through advancements in marine robotics, underwater testing, and digital analytics and reporting platforms.

"We believe the entire Planys team is the best in India when it comes to engineering capabilities in the underwater robotics domain for inspection and defence applications," said Jatin Karani, Partner, Samarthya Investment Advisors.

Who are the founders?

Founded in 2015 by IIT Madras alumni and faculty, including Tanuj Jhunjhunwala, Vineet Upadhyay, Prof Prabhu Rajagopal, and Prof. Krishnan Balasubramanian, Planys sprouted as a spin-out from the Centre for Non-Destructive Evaluation (CNDE), IITM.

In just a couple of years since its inception, Planys was incubated at IIT Madras Incubation Cell (IITM IC) and officially incorporated in June 2015. Previously, The startup raised Rs 1.75 crore through angel investment and developed multiple products.

What does Planys Technologies do?

Planys utilizes proprietary underwater drone technology to collect visual and sensor-based testing data for steel and concrete structures. Leveraging AI, this data is transformed into standardized, insightful information accessible through a next-gen digital platform.

"Planys addresses a large market of underwater asset maintenance with its unique technology that pinpoints defects with high precision, benefiting various high-value assets like dams, bridges, and refineries to extend their asset life with timely maintenance. It is a large, underserved market and will grow thanks to companies like Planys," said Ashish Kacholia.

Aiming for global expansion 

With the help of partnerships, Planys aims to expand its presence in global markets and diversify into oceanographic and defence use cases. The startup claims that it has partnerships in the Netherlands and with petrochemical players in the Middle East and Southeast Asia.

"We intend to grow our operational capacity and enhance the inventory of underwater inspection solutions, covering high-end applications such as non-destructive testing of metal and concrete structures, specialized inspection robotics for the process and hydrocarbon industry, real-time monitoring applications, and advanced digital reporting solutions," said CTO Vineet Upadhyay.

Planys said that its entire technology stack is indigenously designed, developed, and manufactured in India and caters to dams, bridges, ports, oil and gas, petrochemicals, power and defence sectors.

With a portfolio of 10+ products and an array of 30+ patents, It aims to revolutionize the way infrastructure assets are inspected, maintained, and managed globally.