Planys Technologies, an IIT Madras Incubation Cell deep tech start-up pioneering in underwater infrastructure testing, has secured a ₹43 crore equity infusion led by investor Ashish Kacholia.
The funding 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 doubling and tripling down on their support. It also saw exits from many first-round seed investors.
With this investment, Planys Technologies aims to make advancements in marine robotics, underwater testing, and digital analytics and reporting platforms.
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.
A couple of years since its inception, Planys was incubated at IIT Madras Incubation Cell (IITM IC) and officially incorporated in June 2015. With limited resources in its first year, Planys raised ₹1.75 crore through angel investment and developed multiple products.
Going ahead, through collaborations, Planys aims for expansion into global markets and diversification into oceanographic and defence use cases. Planys' Chief Technology Officer, Vineet said, “We intend to grow our operational capacity and enhance the inventory of underwater inspection solutions, covering high-end applications..."
Ashish Kacholia said, "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. Planys is a classic case of research in academia getting commercialized for civilian and defence applications."
