Fabheads, a composite technology startup, has raised $10 million in its Series A round, which is being led by Accel and includes participation from Trifecta Capital.
The Chennai-based business has now raised $13 million, which includes $3 million from previous seed and pre-seed rounds that ended in 2021.
The additional funds will be utilized to increase the size of its engineering and research and development teams, strengthen its leadership team, and scale up its manufacturing operations.
In order to better serve the aerospace industry and satisfy growing demand worldwide, Fabheads also intends to open a new facility in Bengaluru. It is anticipated that the unit will be operational in six months.
Former ISRO engineers Dhinesh Kanagaraj and Abhijeet Rathore founded Fabheads in 2015 to create robotic automation systems for the production of composite fibers, which replace labor-intensive and costly manual processes. Its in-house technology allows for faster production cycles, 20% less waste, and cost savings of up to 50%.
The industry is expanding in the areas of clean energy, defense, mobility, and aerospace, according to market research. The composites market in India is expected to reach $2.8 billion by 2030, from $1.8 billion in 2024.
