Fabheads, a Chennai-based startup, manufactures carbon fibre parts, announced on Wednesday (19.05.21) that it raised USD 1.1 Million in a pre-Series A round. The seed funding round was led by Inflection Point Ventures with the participation of existing investors Keiretsu, Kedia Securities, MD, Vijay Kedia.
The company stated in a press release that the fund raised would be used in building global distribution and sales, support growth by setting up new infrastructures and powering up the R&D team.
Words from the investors –
On this investment done by Inflection Point Venture, Ankur Mittal the Co-Founder of the firm, 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.
The Inflection Point Venture was started in 2018 and aims to invest in nearly 60 startups in 2021.
About the company –
Fabheads was founded in 2018 by experienced engineers from ISRO (Indian Space Research Organisation) Abhijeet Rathore and Dhinesh Kanagaraj. The company got focused on synthesising 3-D material printing models in the year 2017. Akshay Ballal joined Fabhead from BIT-Mesra as an intern but entered as a full-time employee. Now he is the CPO (Chief Production Officer).
The deeptech startup has successfully raised two rounds of funding; it is well-known in the country to be one of the few companies that have developed their carbon fibre 3D process, which was patented. This benchmark is achieved by very few companies in India.
Currently, Fabheads is offering to manufacture and design services to robotics, drones and shipping companies across the country. Few companies it deals with are Planys, ADA (Aeronautical Development Agency), E-plane Company, Synergy Marine. It has currently joined with some Singapore based clients and launched a pilot operation across Asia.
Words from the CEO –
On this latest development happened in the company, Dhinesh Kanagaraj, Founder & CEO, Fabheads said –
“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.”
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