Deeptech startup Planys Tech raises Rs 43 Cr from Hungama Digital co-founder
Planys will use the funding to improve its infrastructure inspection process by using tech such as marine robotics, underwater testing, and digital analytics.
Deeptech startup has raised Rs 43 crore in equity investment from Co-founder Ashish Kacholia.
Samarthya Investment Advisors, Golden Birch Investments, Krishna Defence, Cogniphy Angel Fund, and other investors also participated in the round, the startup said in a statement.
Planys uses underwater drone technologies to collect visual and sensor-based testing data to inspect infrastructure, particularly steel and concrete structures such as dams, bridges, and refineries.
Its clients include Reliance Industries, IOCL, BPCL, and Indian Railways, and its tech has been used to survey over 400 structures, the company claimed.
Planys will use the funding to improve its infrastructure inspection process by using tech such as marine robotics, underwater testing, and digital analytics.
"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, specialised inspection robotics for the process and hydrocarbon industry, real-time monitoring applications, and advanced digital reporting solutions," said Vineet Upadhyay, Chief Technology Officer, Planys, who founded the company along with Tanuj Jhunjhunwala, and IIT Madras faculty, Prabhu Rajagopal and Krishnan Balasubramanian.
The startup was spun off from IIT Madras' Centre for Non-destructive Evaluation (CNDE) and was incorporated in June 2015.
VCs and the Indian government, alike, have been doubling down on the deeptech sector in India. Finance Minister Nirmala Sitharaman, in her interim Budget speech, said the Ministry will launch a new scheme to strengthen deep tech to expedite 'Atmanirbharta' and defence purposes.
The Budget outlined a corpus of Rs 1 lakh crore with a 50-year interest-free loan to encourage research and innovation by deeptech startups.
(The copy was updated to correct a typo.)
Edited by Megha Reddy