Investing in the Future: Cogniphy Angel Fund’s Strategic Move into ROV Technology with Planys Technologies

Exploring New Depths: Cogniphy Angel Fund illuminates the future of maritime innovation with Planys Technologies, steering the course towards advanced underwater exploration and infrastructure inspection.

In a world increasingly driven by technological innovation, particularly in the maritime and offshore sectors, the Remote Operated Vehicle (ROV) market stands out as a burgeoning field with immense potential. Cogniphy Angel Fund, always on the lookout for cutting-edge technologies with significant impact potential, has made a strategic investment in Planys Technologies, a pioneering force in ROV technology. This investment is a testament to our belief in Planys’ potential to redefine underwater exploration and inspection, and here’s why.

The ROV Market: A Sea of Opportunities

The global ROV market, valued at USD 931.0 million in 2022, is projected to reach USD 1.2 billion by 2031, growing at a CAGR of 3.0%. Some reports are even more optimistic, forecasting the market size to hit USD 3.8 billion by 2032 with an 11.5% CAGR. This growth is propelled by the escalating demand for deepwater exploration, advancements in offshore oil & gas industries, and an increased emphasis on marine scientific research.

Planys Technologies: At the Helm of Innovation

Planys Technologies is India’s first and only manufacturer of compact ROVs providing underwater robotic inspection and survey solutions.

Planys Technologies, recognized among the prominent ROV manufacturers, excels in delivering advanced underwater ROVs and data analytics solutions. Their expertise in developing ROVs like Orca, Mike and Beluga, designed for a plethora of applications, perfectly aligns with the evolving needs of the ROV market. This capability places Planys at the forefront of addressing the challenges and opportunities in underwater inspection and exploration.

Founded in 2015 by a visionary team of IIT Madras alumni and faculty, Planys stands as a successful commercial spin-out from the Centre for Non-Destructive Evaluation (CNDE) at IIT Madras. The founders leveraged their extensive research expertise to drive innovation, supported by a culture of technological excellence inherent to one of India’s premier engineering institutes.

Cogniphy’s Strategic Association with IIT Madras

Cogniphy Angel Fund’s association with IIT Madras goes beyond a mere investment. It is a strategic partnership that aligns with our mission to support and scale deep-tech startups. This collaboration with IIT Madras not only provides us access to cutting-edge research and innovations but also connects us with one of the most vibrant technology ecosystems in India. This connection is instrumental for our investors and the broader startup ecosystem, offering a platform for nurturing talent, fostering innovation, and driving economic and technological advancements.

Navigating Competitive and Regional Waters

The ROV market, while semi-fragmented, showcases Planys’ ability to stand out through its relentless focus on research, development, and innovation. The company effectively competes with industry giants and is strategically expanding its global footprint, especially in the fast-growing Asia-Pacific region. This strategic positioning enables Planys to tap into emerging markets and capitalize on the increasing demand for ROV technologies.

Why Planys?

Investing in Planys Technologies was a calculated decision driven by a deep understanding of the potential and strategic positioning of the company within the burgeoning ROV market. This section elaborates on why Planys stands out as a particularly strategic investment for Cogniphy Angel Fund.

1. Technological Innovation and Expertise

Planys Technologies is not just another player in the ROV space; it is a leader in innovation, leveraging cutting-edge technology to develop advanced underwater ROVs. The company’s ability to produce state-of-the-art models like Orca, Mike and Beluga demonstrates its strong R&D capabilities. These vehicles are not only robust and reliable but are also equipped with advanced features such as high-definition cameras, precise navigational systems, and the capability to perform in challenging underwater environments. This level of technological sophistication is crucial for operations that require detailed inspections and interventions, such as in oil and gas exploration, infrastructure maintenance, and environmental monitoring.

2. Alignment with Market Needs

The ROV market is experiencing significant growth, driven by the need for new energy sources, increasing offshore drilling activities, and heightened focus on marine ecosystem preservation. Planys’ offerings align perfectly with these market demands. Their ROVs provide essential services that enable efficient and safe inspections of underwater structures, which are critical to ensuring the longevity and safety of these investments. By facilitating more effective maintenance and monitoring, Planys helps companies mitigate risks associated with underwater assets, thus aligning with market needs for sustainability and safety.

3. Strategic Global Positioning

Planys does not only focus on technological innovation but also on strategic market expansion. Their operational footprint spans critical markets across the Middle East, Europe, and Southeast Asia, regions that are pivotal in the offshore energy and maritime sectors. This geographical spread is not only a testament to the universal applicability and demand for their technology but also positions Planys strategically to tap into emerging markets where ROV technology is becoming increasingly crucial.

4. Sustainable and Innovative Solutions

Our investment in Planys is also a commitment to sustainability. Planys’ technologies contribute to safer and more environmentally friendly maritime and offshore operations. Their innovative use of underwater drones for inspections reduces the need for human divers, minimizing human risk and lowering the carbon footprint associated with such operations. Furthermore, their advanced data analytics capabilities enable precise assessments, which are essential for the effective maintenance and operation of underwater structures.

5. The Founders and IIT Madras Synergy

The founders of Planys, with their roots in IIT Madras, one of India’s premier engineering institutes, bring a unique blend of academic excellence and practical expertise to the company. This background ensures a continual infusion of the latest research and developments into their technology stack. Moreover, the ongoing association with IIT Madras provides continuous access to new research, talent, and innovative ideas, reinforcing the company’s ability to stay ahead in technology and market applications.

Conclusion: A Voyage Towards Innovation

Cogniphy Angel Fund’s investment in Planys Technologies underscores our commitment to supporting high-growth technologies that promise to redefine industry standards. We see Planys not only as an investment but as a beacon of innovation in the ROV market. Their ability to innovate and strategically position themselves in a competitive landscape reaffirms our belief in their potential to lead the future of underwater exploration and inspection.

This investment reflects our vision at Cogniphy Angel Fund: to catalyze change and innovation, paving the way for a safer, more efficient, and technologically advanced future in underwater operations. As we embark on this journey with Planys Technologies, we are not just investing in a company; we are investing in the future.

Stay tuned as we dive deeper into the world of underwater robotics, exploring the depths and bringing to light the untapped potential of our oceans with Planys Technologies.

Cogniphy Prosper Pulse