Odisha startup Coratia Technologies has raised Rs 18 crore funding in a bridge round led by MGF Kavachh to enhance its underwater robotics capabilities, scale its manufacturing, deployment and strengthen research and development (R&D) efforts. The fresh capital will also be utilized to execute a game-changing contract with the Indian Navy worth Rs 66 crore under the Innovations for Defence Excellence (iDEX) program.
Key Highlights
- Odisha startup Coratia Technologies raised Rs 18 crore from MGF Kavachh to further strengthen its underwater robotics and manufacturing operations.
- The fresh funding will support execution of its Rs 66 crore Indian Navy contract under the iDEX initiative.
The latest Rs 18 crore funding follows Coratia Technologies’ earlier Rs 17 crore pre-Series A round, which included investments from MGF Kavachh, Piper and the Small Industries Development Bank of India (SIDBI).
Coratia Technologies Raises Rs 18 Crore to Expand Underwater Robotics
The bridge round will enable further development of the high-tech underwater robotics technologies for Defence and critical infrastructure, according to the company. The funds will be channeled towards the execution of the Indian Navy contract, speeding up the R&D process for new products, upgrading technology and increasing manufacturing capacity.
The investment is meant to help Coratia continue to expand its local underwater robotics solutions for its operations in the difficult underwater domain. It has the capability of integrating advanced engineering and miniaturisation to create systems to meet demanding industrial and defence needs.
Odisha Startup Coratia Technologies Develops Indigenous Underwater Robots
Founded in 2021 by Debendra Pradhan and Biswajit Swain, Coratia Technologies focuses on designing and developing underwater robotic systems for defence, industrial and infrastructure applications.
Its flagship product, Jalasimha UWROV, has achieved Technology Readiness Level 9 (TRL-9), indicating its position at the highest level of technology readiness. This is a stepping stone to more development and deployment of this product.
The company is looking to build up the capability of underwater robotics within the country using locally developed technology for complex underwater operations.
Also Read: Startup Funding Report: 15 Firms Raise $133.9 Mn in the Latest Week
Coratia Technologies Secures Rs 66 Crore Indian Navy Contract
A key priority for the newly raised capital is the execution of Coratia Technologies’ Rs 66 crore contract with the Indian Navy under the iDEX initiative. The contract provides a significant deployment opportunity for the company as it expands its presence in defence technology.
Coratia's underwater robotics solutions can be used for more than defence, including dams and reservoirs, ports, bridges, pipelines, underwater assets, ship infrastructure and subsea communication networks. These applications put the company in areas where under water inspection, monitoring and operational support is critical.
Coratia Technologies Works with Indian Navy, Indian Oil and Major Industrial Players
Some of Coratia Technologies' clients and partners include Indian Navy, Indian Oil, Indian Railways, Tata Steel, Hindalco Industries, Steel Authority of India (SAIL), Neelachal Ispat Nigam Limited, Jindal Steel and Power and NIT Rourkela.
Its underwater robotic systems are used in a variety of applications, including defence, industrial, and infrastructure sectors, showcasing the company's capabilities. With the latest Rs 18 crore funding, Coratia plans to advance product development, strengthen manufacturing and expand deployment strength.
The company’s ability to execute its Indian Navy contract while scaling its technology for additional applications will be important to its next phase of growth.
