What is the news ?
Chennai-based deeptech startup Fabheads, which manufactures carbon fiber parts on Wednesday announced that it has raised Rs 8 crore in a pre-Series A round from Inflection Point Ventures.
The investors who participate were Keiretsu (Chennai chapter) , Vijay Kedia, MD, and Kedia Securities .
The funds raised will be utilised in strengthening the R&D team, building global sales and distribution and setting up of infrastructure to support growth.
Speaking about the new development, Dhinesh Kanagaraj, Founder & CEO, Fabheads stated,PV is one of the few investors who see the value in deep tech hardware startups.
About the startup
Founded in 2015 by experienced ISRO engineers - Dhinesh Kanagaraj and Abhijeet Rathore, Fabheads pivoted in to 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 continued in the organisation full time, and is now the Chief Product Officer.
The startup presently 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.