Fabheads, a startup focused on advanced composite technology, has raised $10 million in a Series A funding round. The round was led by Accel, with support from Trifecta Capital.
With this new funding, the Chennai-based company has now raised a total of $13 million. This includes $3 million from earlier seed and pre-seed rounds in 2021.
The new funds will help Fabheads grow its manufacturing operations.
They will also use the money to hire more leaders and expand their engineering and research teams.
Fabheads plans to open a new facility in Bengaluru that will focus on the aerospace industry and meet growing global demand.
This new facility is expected to start working within six months.
Fabheads was started in 2015 by former ISRO engineers Dhinesh Kanagaraj and Abhijeet Rathore.
The company creates robotic systems that make composite fiber manufacturing faster and cheaper by replacing slow, manual work. Their technology can save up to 50% in costs, reduce waste by 20%, and speed up production.
According to market research, the composite materials industry is growing quickly in areas like aerospace, transportation, defence, and clean energy.
In 2024, India’s composites market was worth $1.8 billion, and it is expected to grow to $2.8 billion by 2030.
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