IIT Madras Start-up Planys Technologies Secures $5.8 Million Funding

Planys Technologies, a deep tech start-up nurtured at the IIT Madras Incubation Cell, has successfully raised a significant $5.8 million in equity funding. The funding round was led by well-known investor Ashish Kacholia and saw participation from Samarthya Advisors, Golden Birch Investments, Cogniphy Angel Fund, Krishna Defence, and Impact India Investment Partners LLC, along with continued support from existing investors.

The start-up aims to revolutionise infrastructure inspections through cutting-edge advancements in marine robotics, underwater testing methodologies, and digital analytics and reporting platforms. Vineet, Chief Technology Officer at Planys, expressed, "We plan to expand our operational capacity and enhance our range of underwater inspection solutions." Lead investor Ashish Kacholia emphasised the vast market potential, stating, "Planys serves a significant, underserved market in underwater asset maintenance with its unique technology that precisely identifies defects." He added, "This is beneficial for various critical assets such as dams, bridges, and refineries, enabling them to prolong their lifespan through timely maintenance." This technology has the potential to revolutionise the way underwater inspections are conducted, making them more efficient and accurate. With the support of investors like Ashish Kacholia, Planys is well-positioned to lead the industry in providing innovative solutions for underwater asset maintenance.

Specialising in marine robotics, underwater non-destructive testing (NDT), and digital platform solutions for infrastructure management, Planys Technologies was incubated at IIT Madras and officially established in June 2015. In its first year, the start-up raised Rs 1.75 crore through angel investments, laying the foundation for the development of multiple products. Planys Technologies has since grown its team and expanded its capabilities, securing contracts with major clients in various industries. The company's cutting-edge technology has revolutionised the way underwater inspections are conducted, making them more efficient and accurate.