Indian cloud manufacturing startup Frigate has announced to have raised $175,000 in an oversubscribed pre-seed round from strategic investors.
According to the company, the investors in this round included angel investor Vel Kanniappan Srinath Ramakkrushnan (founder of Zetwerk), Abhishek Raj Pandey, (Head of Sourcing and Procurement, Mamaearth), Vijay Pravin Maharajan of Bitscrunch, Prabhu Sengodan of SPK groups, the founders of M2P Fintech, Mohan and Jaikumar of Ippopay, Sundararaman Ramasamy, (founder of Wilcosource US) and others.
Founded in 2021, Frigate is a marketplace platform that provides Fabrication, 3D printing, and CNC machining services for OEMs, SMEs, and startups. Frigate in a note maintained that the new funding would be used to further strengthen the technology stack; to develop an AI-enabled platform. The frigate is also planning to set up offices in Chennai and Bengaluru to increase the headcount to 100+ within the next fiscal.
“Started as a prototyping company, we have pivoted at the right time as our customer wants their designs to be manufactured as well. So we have travelled all over India to untap the right sources for the right manufacturing with the right material at the right time. We have onboarded all those on our platform to cater to the demand for global manufacturing.
We would like to acquire 200 more customers and be a $100M company in the next three years,” Tamizh Inian, Founder & CEO of Frigate said. The company has onboarded 150 SMEs on their platform for making their metal and plastic parts from Tier2 and Tier3 cities like Becharaji, Rajkot, Ahmedabad, Belagavi, Trivandrum, Palakkad, Kolhapur, Aurangabad, Jamshedpur, Hosur, Trichy, Madurai, Erode, Salem, Indore, Pithampur, Coimbatore covering almost all Industrial states in India.
