IIT Madras incubated deeptech startup secures funding

New Delhi: Indian Institute of Technology (IIT) Madras incubation cell deeptech startup Planys Technologies on Monday said that it secured a Rs 43 crore equity infusion led by renowned investorAshish Kacholia.

The funding round also saw participation from Samarthya Advisors, Golden Birch Investments, Cogniphy Angel Fund, Krishna Defence, and Impact India Investment Partners LLC, with backing from existing investors doubling and tripling down on their support.

The startup also saw exits from many first-round seed investors.

"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, and more," Vineet Upadhyay, Planys' Chief Technology Officer, said in a statement.

The startup said that this investment is expected to accelerate Planys’ mission to revolutionise infrastructure inspections through advancements in marine robotics, underwater testing, and digital analytics and reporting platforms.

"Planys is a classic case of research in academia getting commercialised for civilian and defence applications. I am confident that Tanuj and his Co-founders will blaze an underwater trail that will inspire many more young founders," said Kacholia.

Planys was founded in 2015 by IIT Madras alumni and faculty including Upadhyay, Tanuj Jhunjhunwala, Prof Prabhu Rajagopal, and Prof Krishnan Balasubramanian.

With limited resources in its first year, the startup raised Rs 1.75 crore through angel investment and developed multiple products.