Deeptech startup Fabheads announced on Wednesday that it has raised Rs. 8 crore in a pre-Series A round from Inflection Point Ventures, along with participation from existing investors Keiretsu (Chennai chapter) and Vijay Kedia, MD, Kedia Securities.
As per a press statement, the Chennai-based startup will use the funds to strengthen the R&D team, increase global sales and distribution, and establishing infrastructure to boost growth.
Established in 2015 by experienced ISRO engineers Dhinesh Kanagaraj and Abhijeet Rathore, Fabheads turned to a composite material 3-D printing business model in 2017. They were joined by Akshay Ballal from BIT-Mesra, who started as an intern at Fabheads straight out of college, but later remained in the organization full time, and is now the Chief Product Officer.
The startup has since successfully raised two rounds of funding and is the most recognized for being the first and still the only company in the country to have developed their patented continuous fiber 3D printing process, something only a few companies across the world have achieved.
Commenting on the development, Dhinesh Kanagaraj, Founder & CEO, Fabheads stated, “IPV is one of the few investors who see the value in deep tech hardware startups. IPV team took great efforts towards understanding our offerings and have also gone beyond that by already adding value to Fabheads by making extremely relevant connections via their large business network across India and the Middle East.”
Commenced in 2018, IPV intends to invest Rs 155 crore in 2021 across 60 startups.
Ankur Mittal, Co-Founder, Inflection Point Venture said, “Fabheads is a deep-tech startup that has built proprietary technology that can compete with the best in the world in a space dominated by only a few large well-funded startups/ publicly listed companies and where the use cases have the potential to grow exponentially in the near future.”
“With the founders’ background from ISRO, we believe their expertise in robotics and 3D technology will help the company grow faster. Our network and the funds raised will help them achieve their ambition to scale across the world,” he added.
At present, the startup is providing design and manufacturing services to drones, robotics, and shipping companies across India. Some of its portfolio companies are E-plane Company, Synergy Marine, Planys, and ADA (Aeronautical Development Agency). It has also onboarded a few Singapore clients and recently commenced pilot operations across Asia.
India is proud to have innovative companies like Fabheads offering several services in the deeptech space. The company has been doing amazingly well and is only looking at moving up the growth ladder. My best wishes to the team of Fabheads.Shishir Gupta, Founder and CEO, StartupLanes
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