An innovative manufacturing tech startup announced a funding of USD 175000
Let us talk about the manufacturing tech industry and the startups working in it. Manufacturing tech refers to modern methods of science, production, and engineering that help the production, in industries and various manufacturing processes. Some common examples of manufacturing tech that we come across on a daily basis, are 3-D printing, robotics, and big data.
The manufacturing tech industry has more than 4.1k startups across the world. Investors now are keenly interested in this domain and this industry, last year, had received a total funding of USD 21.9 billion in more than 1.2K startups. Some of the famous and emerging manufacturing tech startups across the world are :
Uptake, Cognite, OnRobot, Seeq, Fictiv, Dobot, nTopology, and many others.
Let us now talk about the funding of an interesting manufacturing tech startup, that has taken place recently.
Announcement of funding of a manufacturing tech startup
The manufacturing tech startup, Frigate, has raised funds worth USD 175000 as announced on April 12, 2022. This round of funding has taken place is the pre-seed round of funding and many strategic investors were a part of this round of funding. The investors include the co-founder of Zetwerk, Srinath Ramakkrushnan, Vel Kanniappan, an angel investor, Head of Sourcing and Procurement of Mamaearth, Abhishek Raj Pandey, Vijay Pravin Maharajan of Bitscrunch, Prabhu Sengodan of SPK Groups, Mohan and Jaikumar of Ippopay, the founders of M2P Fintech, founder of Wilcosource US, Sundararaman Ramasamy, and many others.
The startup plans to use the funds raised in strengthening its technology stack. The startup also plans to use a portion of the funds raised in developing a platform that will be enabled by AI. This will be done by identifying the topology of the design and sending it to the right machines which will be available on the platform to manufacture the same by connecting machines via the Industrial Internet of Things.
About the manufacturing tech startup that has announced its funding
The manufacturing tech startup, Frigate, was founded in the year 2021 by Tamizh Inian, who is also the CEO of the startup, and has its headquarters in Chennai, Tamil Nadu. The startup is an On-Demand Cloud manufacturing market platform that is engaged in providing risk-free and affordable fabrication, 3D printing, and CNC machining services for OEMs, SMEs, and startups.
The manufacturing tech startup has already onboarded 150 SMEs on its platform. These SMEs will be helpful in making metal and plastic parts from Tier 2 and Tier 3 cities like Becharaji, Rajkot, Ahmedabad, Belagavi, Kolhapur, Trichy, Jamshedpur, Madurai, Aurangabad, Hosur, Indore, Pithampur, Hosur, Coimbatore, and almost all the industrial states in India. The same supply system is being used to serve the increased global demand for electric vehicles, defense, and aerospace.
The startup has already started exporting parts to Singapore and Spain. The manufacturing tech startup has the aim to make our country, India, the manufacturing hub for the world. The startup also has plans to open its offices in Chennai and Bengaluru, so that it can increase its headcount to more than 100 people by the next financial year.
About Srinath Ramakkrushnan
A Btech graduate in Mechanical Engineering from IIT Madras, Srinath Ramakkrushnan is a business leader with an experience of more than 11 years in the domains of agriculture, trading and distribution, logistics, and manufacturing. He also has the experience of building super fast businesses, building large teams, scaling operations, and driving things with a sense of urgency. Srinath has a passion for co-creating economic and social value.
Now coming to the vast experience he holds, it is as follows-
He has done his summer internships at General Motors.
Then he has been a LeARN Scholar at Nanyang Technological University where he spent a semester attending the LeARN program at the university along with student leaders from China, Philippines, Singapore, Thailand, Hong Kong, and South Korea.
He has been a summer intern at Selco India.
Then he was a fellow at Engineers for Social Impact.
Post it, he was in ITC for 5 years where he has been Assistant Manager and then Manager.
Then he co-founded Ofbusiness, of which he was the Business Head even.
Then he was the business head of Supply of BlackBuck.
Then he co-founded Zetwek in the year 2018 in Bengaluru.
What has been said about the deal?
Tamizh Inian, who is the founder and CEO of the manufacturing tech startup Frigate made a statement saying that the startup was started as a prototyping company, but now it has also started manufacturing as the customers wanted their designs to be manufactured. He even agrees that it has shifted at the right time. He further said that he has traveled across the country to make sure that the startup is using the right sources from the right manufacturing with the right material at the right time.
Further, he told that after looking for the best in the country, the startup has onboarded all of them on its platform so that it can meet the demands of manufacturing around the world. He further told the future plans of the startup that is to acquire 200 more customers and be a company worth USD 100 million in the next three years.
The manufacturing tech startup is trying its best to present India in front of the global eyes, which in itself is a big initiative. We wish the startup a lot of good luck and hope it has a bright and prosperous future ahead!
