Add TechGraph on Google
Fabheads, a Chennai-based startup focused on automated manufacturing in the carbon fiber (and other composites) space, has raised Rs 8 crore in a Pre-Series A round led by Inflection Point Ventures.
The round also saw the participation from Fabheads existing investors including Keiretsu (Chennai Chapter) and Mr. Vijay Kedia.
“The raised funds will be utilized in strengthening R&D team, building global sales and distribution network and for setting up infrastructure to support growth,” the statement said.
Speaking on the funding, Ankur Mittal, Co-Founder, Inflection Point Venture 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.”
Currently, the startup is offering design and manufacturing services to drones, robotics, and shipping companies across India. A few of its portfolio companies are E-plane Company, Synergy Marine, Planys, and ADA (Aeronautical Development Agency). It has also onboarded a couple of Singapore clients and recently started pilot operations across Asia.
Commenting on the fresh investment, Dhinesh Kanagaraj, Founder & CEO, Fabheads, and ex-ISRO engineer 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.”