Planys is an underwater testing start Up was founded in 2015 by IIT Madras alumni and faculty including Tanuj Jhunjhunwala, Vineet Upadhyay, Prabhu Rajagopal, and Krishnan Balasubramanian.
Planys was incubated at IIT Madras Incubation Cell (IITM IC) and officially incorporated in June 2015.
The company went for evaluations under the Centre for Non-Destructive Evaluation (CNDE), IITM and came out clean regarding its operations.
The way Planys operate by using proprietary underwater drone technology to collect visual and sensor-based testing data for steel and concrete structures. Leveraging AI, the data is transformed into standardized, insightful information accessible through a digital platform.
Planys Secured Funding
Planys secured funding of Rs 43 crore equity infusion led by renowned 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, with backing from existing investors doubling and tripling down on their support.
The company aims for expansion into global markets and diversification into oceanographic and defence use cases. It has garnered trust from industry.
The company gained trust from industry leaders such as Reliance Industries, IOCL, BPCL, Dedicated Freight Corridor, and Indian Railways. Their technology has already been deployed at more than 400+ structures. Internationally, collaborations in the Netherlands. As per the company the defence sector is an exciting frontier for Planys to showcase its expertise in supplying indigenously designed and manufactured unmanned underwater.
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, said Ashish Kacholia.
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.
