Deeptech Startup 'ThinkMetal' secures $800K in Pre-Series A Funding
As part of the YourNest-SanchiConnect Velocity Program 2024, ThinkMetal, a deeptech startup, raised $800,000 (roughly Rs. 6.7 crore) in a Pre-Series A funding round led by YourNest Venture Capital. Concept Communications and Sanchi Connect also participated.
ThinkMetal had previously raised $300,000 in a seed round led by 100X.VC, in which Concept Communications, SAT Industries, and investors like KRS Jamwal and Uday Sodhi also participated.
According to a press release from ThinkMetal, the money will be used to complete production readiness, introduce the first-generation product, improve software capabilities, streamline operations, and grow the team in crucial departments like sales, operations, design, and software development.
ThinkMetal, a deeptech startup Co-founded in 2021 by Sabyasachi Ghosh and Arushi Sharma, claims to be able to produce metal parts 10 times faster and at half the cost of competitors thanks to its small metal 3D printer, SistemT1, which makes use of patented materials and processes.
The company's FuseX material technology drastically cuts production time while reducing operational costs, making it the quickest and most efficient solution.
According to the Chennai-based company, it addresses longstanding challenges in traditional tool manufacturing and low-volume production. With SistemT1, manufacturers can produce parts like dies, jigs, fixtures, and molds in hours and at a fraction of the usual cost.
Based on market research, the Indian tooling market is expected to reach $5 billion by 2022, with a compound annual growth rate of 9%.
ZeQube Technologies, Hosur CNC, and Ants Ceramics are some of ThinkMetal's current clients. To promote adoption, the company's go-to-market strategy concentrates on urban medium- and small-scale manufacturers and uses experience centers, paid pilots, and on-demand services.
In this industry, Markforged, Desktop Metal, and EOS are well-known globally.
ThinkMetal had previously raised $300,000 in a seed round led by 100X.VC, in which Concept Communications, SAT Industries, and investors like KRS Jamwal and Uday Sodhi also participated.
According to a press release from ThinkMetal, the money will be used to complete production readiness, introduce the first-generation product, improve software capabilities, streamline operations, and grow the team in crucial departments like sales, operations, design, and software development.
ThinkMetal, a deeptech startup Co-founded in 2021 by Sabyasachi Ghosh and Arushi Sharma, claims to be able to produce metal parts 10 times faster and at half the cost of competitors thanks to its small metal 3D printer, SistemT1, which makes use of patented materials and processes.
The company's FuseX material technology drastically cuts production time while reducing operational costs, making it the quickest and most efficient solution.
According to the Chennai-based company, it addresses longstanding challenges in traditional tool manufacturing and low-volume production. With SistemT1, manufacturers can produce parts like dies, jigs, fixtures, and molds in hours and at a fraction of the usual cost.
Based on market research, the Indian tooling market is expected to reach $5 billion by 2022, with a compound annual growth rate of 9%.
ZeQube Technologies, Hosur CNC, and Ants Ceramics are some of ThinkMetal's current clients. To promote adoption, the company's go-to-market strategy concentrates on urban medium- and small-scale manufacturers and uses experience centers, paid pilots, and on-demand services.
In this industry, Markforged, Desktop Metal, and EOS are well-known globally.
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