- The startup will infuse the raised capital in strengthening the R&D team and setting up infrastructure to support growth initiatives.
- This is IPV's 15th investment in 2021; plans to invest Rs. 155 crore this year across 60+ startups.
- Fabheads developed India’s first 3D printer capable of printing with continuous fiber materials.
Chennai-based carbon-fiber startup Fabheads has raised Rs 8 crore in a pre-Series A funding round led by Gurugram-based angel investment firm Inflection Point Ventures. Existing investors Keiretsu (Chennai Chapter) and Mr. Vijay Kedia also participated in the funding round.
This is IPV's 15th investment in 2021. Previously, It had invested in AI startup ORAI, AnKa SumMor, PumPumPum, among others. The firm plans to invest Rs 155 crore ($21 million) across 60 startups this year.
Fabheads will infuse the raised funding in strengthening the research & development (R&D) team, building global sales and distribution, and setting up strong infrastructure to support growth initiatives, the statement said. The startup first raised seed funding in 2018.
Founded in December 2015 by experienced ISRO engineers Abhijeet Rathore, Dhinesh Kanagaraj, and Akshay Ballal, Fabheads Automation develops automation equipment to manufacture high-end carbon fiber parts in the country. The startup primarily deals in the Aerospace, Automobile, and Biomedical sectors.
Feabheads is the most known company for being the first and still the only company in India to have developed their patented continuous fiber 3D printing process, a feat only a handful of companies across the world have achieved.
Commenting on the development, 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.”
Ankur Mittal from Inflection Point Ventures, said, “Fabheads is a deep-tech startup which 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.
Currently, the startup is offering design and manufacturing services to drones, robotics, and shipping companies in India. It counts E-plane Company, Synergy Marine, Planys and ADA (Aeronautical Development Agency) as clients. It has also onboarded a couple of Singapore clients and recently started pilot operations across Asia.
According to the press statement, Fabheads serves a large carbon fiber parts market which is a global market of $60 Billion with an annual CAGR of 14%. The Indian market alone is $5 Billion.
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