FLYNOVATE - Mastering Drones and Electric Vehicle Technology

FLYNOVATE - Mastering Drones and Electric  Vehicle Technology

Flynovate is a pioneering startup founded by Akshat Bhatia and  Himanshu Panda, which is revolutionizing the solar energy industry with its drone-as-a service offering. Utilizing autonomous drones equipped with advanced computer vision,  Flynovate specializes in the inspection of solar panels to detect both visual and internal  defects across solar farms. The company operates under a dual business model that  includes contractual agreements and a revenue-based approach, with a pricing strategy  that competes with traditional manual labour costs and is adjusted based on the size of  the solar farm. Flynovate’s mission is to deliver the most comprehensive service in the  field, leveraging robotics and artificial intelligence to provide solutions that are faster,  more accurate, and more efficient than current methods.  

 

Revenue Model  

1. Contractual Model: They enter into contracts with solar farm operators, where they  provide their drone inspection services for a fixed period or number of inspections. The  pricing under this model is similar to what the operators would pay for manual labour,  making it a cost-effective alternative. 

2. Revenue-Based Model: In this model, Flynovate’s compensation is tied to the size of  the solar farm and the results of the inspections. Essentially, the larger the solar farm  and the more comprehensive the inspection services required, the higher the revenue  for Flynovate. This aligns their interests with those of the solar farm operators, as they  are incentivized to provide thorough and efficient inspections.  

Achievements  

  • Winner at Ideastorm, E-Summit 2020  
  • Issued by IIT Roorkee · Feb 2020  
  • Winner at Global Business Model Competition, Empresario 2021 
  • Issued by IIT Kharagpur · Feb 2021  
  • Top 10 at Eureka 2022 - Issued by IIT Bombay · Feb 2022 
  • Winner at TiE university GPC Chandigarh Chapter, March 2023  

Funding  

“Flynovate” has been honoured with an esteemed ‘scale-up’ grant amounting to Rs. 40  Lakhs, bestowed by the Meity Startup Hub, which operates under the auspices of the  Ministry of Electronics and Information Technology. The founders, Akshat and Himanshu,  initially embarked on a venture with drone technology for cleaning solar panels. Their  remarkable flexibility and foresight have been evident throughout their journey.  Cultivated within the nurturing environment of Venture Lab at Thapar, their path is a  testament to the culture of innovation and entrepreneurial spirit that Thapar Institute of  Engineering & Technology (TIET) is committed to promoting.  

 

Future Trajectory  

Since its inception two years ago, Flynovate has distinguished itself as a formidable  entity within the drone industry. The company has consistently demonstrated innovation  and excellence, culminating in a commendable track record. Building on this success,  Flynovate is now poised to expand its expertise and apply its innovative approach to the  electric vehicle sector, with the aim of driving transformative advancements in this  rapidly evolving field. 

Flynovate has transitioned into the electric vehicle domain, focusing on the production  of robust, solar-powered electric trucks designed for uninterrupted delivery services  spanning the entire stretch from Kashmir to Kanyakumari. The company is at the  forefront of developing a solar truck that minimizes reliance on the charging  infrastructure, thereby ensuring that deliveries are as timely as those made by  conventional vehicles, but with the added benefit of eliminating downtime and  stoppages.


 


 


 

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