“The funds raised will be used for strengthening the R&D team, building global sales and distribution network and setting up infrastructure to support the growth of the company,” said Fabheads, which has developed India’s first 3D printer capable of printing with continuous fiber materials.
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Currently, Fabheads offers design and manufacturing services to drones, robotics and shipping companies across India. A few of its portfolio companies are E-plane Company, Synergy Marine Plants and Aeronautical Development Agency.
“Carbon fiber parts, be they for tennis racquets or race cars or rockets, are still predominantly manufactured with several days or even weeks of intense manual labour. Fabheads aims to automate this sector in phases in the coming years. The FibrBot series of machines already launched by Fabheads are only the first step towards that,” said Dhinesh Kanagaraj, founder and CEO of Fabheads and a former engineer with the Indian Space Research Organisation (ISRO).
The company has expanded to other Asian markets after having won clients in Singapore, it said. It uses its customers’ in-house certified raw materials, which is important for companies in the biomedical and aerospace industries as their raw materials are certified after decades of research.
Globally, the carbon fiber parts market stands at $60 billion with a compounded annual growth rate (CAGR) of 14%. The Indian market alone is $5 billion, the company said.
“We believe that Fabheads is at an inflection point where they have developed cutting-edge tech that can be launched in multiple industries simultaneously, such as defense, medical and aerospace. The use cases are only going to multiply potentially, leading to exponential growth in the long run,” said Ankur Mittal, co-founder, Inflection Point Ventures.
For early-stage investor IPV, Fabheads is their 15th investment so far this year. The fund has invested Rs 41.65 crore across these deals and intends to invest up to Rs 150 crore in this calendar year.