Ace Investor Ashish Kacholia Leads Rs 43 Crore Funding in Underwater Infra Testing Startup Planys Technologies

• ByStartupStory     |    April 8, 2024

Planys Technologies, a startup incubated at IIT Madras, has secured a notable Rs 43 crore equity funding. The investment was led by renowned investor Ashish Kacholia, along with participation from Samarthya Advisors, Golden Birch Investments, Cogniphy Angel Fund, Krishna Defence, and Impact India Investment Partners LLC. The round also saw the involvement of existing investors, with several first-round seed investors opting for an exit.

This infusion of capital marks a pivotal moment for Planys Technologies as it seeks to revolutionize infrastructure inspections through innovative advancements in marine robotics, underwater testing methodologies, and digital analytics and reporting platforms.

Commenting on the investment, Ashish Kacholia expressed his confidence in Planys’ capabilities, stating, “Planys addresses a large market of underwater asset maintenance with its 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.”

Founded in 2015 by alumni and faculty from IIT Madras, including Tanuj Jhunjhunwala, Vineet Upadhyay, Prof Prabhu Rajagopal, and Prof. Krishnan Balasubramanian, Planys Technologies emerged as a spin-out from the Centre for Non-Destructive Evaluation (CNDE) at IITM. Leveraging proprietary underwater drone technology, the startup collects visual and sensor-based testing data for steel and concrete structures. This data is then transformed into standardized, insightful information using AI, accessible through a digital platform.

The startup had previously raised Rs 1.75 crore through angel investment and developed multiple products within its first year of operation. Now, with the latest funding, Planys Technologies aims to expand its reach into global markets through collaborations and diversification into oceanographic and defense use cases.

Vineet Upadhyay, co-founder of Planys Technologies, highlighted the company’s growth trajectory, stating, “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.”

Planys Technologies has already garnered trust from industry leaders such as Reliance Industries, IOCL, BPCL, Dedicated Freight Corridor, and Indian Railways, with its technology deployed at over 400 structures. The startup caters to a diverse range of sectors including dams, bridges, ports, oil and gas, petrochemicals, power, and defense, boasting a portfolio of over 10 products and more than 30 patents.

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