Fracktal Works secures funding from 1 Neoteric Informatique Ltd. Bengaluru based 3D printer maker is a leading company in the segment. On the other hand 1 Neoteric Informatique Ltd is a leading IT distributor in India.
Fracktal Works has been valued after investment at $ 2- 3 million and the company has received the funding in exchange for a minority stake. Fracktal Works was founded during the college days of founders and has been incubated by MUTBI (Manipal University Technology Business Incubator).
The company has developed their own brand of 3D printers called ‘Julia’ and they offer customised services to several clients like CISCO, Toshiba and L& T. Fracktal built many products from scratch and they call themselves as product development firm. However they are famous for their 3D printers.
The company was founded in 2013 by Rohit Asil and Vijay Raghav Varada. Vijay is the Chief Executive Officer of Fracktal Works. He is one of the top ranked student in the Manipal University, he has bagged several awards and recognitions held by several institutions. He has graduated in Bachelor’s Degree in Mechatronics, Robotics and Automation Engineering from Manipal Institute of Technology in 2014.
Fracktal was founded during college days of Vijay and Asil. Rohit Asil has graduated in Bachelor of Technology in Instrumentation Technology from Manipal Institute of Technology in 2015. He has been honoured with several awards and recognition during university days.
The company received seed funding 1 Neoteric for $ 3 Million. There is an interesting story behind the funding. Fracktal was looking out for marketing their products and were checking with several vendors. Since 1 Neoteric were distributors of IT supplies to major businesses. 1 Neoteric evinced interest in the startup; however Rohit and Vijay were not interested. After mediation of Aarin Capital who was advisors to this funding they agreed for seed funding.
As we are aware Aarin Capital is the venture fund headed by ex Infy Mohandas Pai. In fact Aarin Capital paved the way for the funding by providing business inputs to the promoters of Fracktal. The company has 12 full time employees and several employees on contract roles on part time basis.
Fracktal plans to utilize the funds for staff hiring that includes industrial designers and embedded system programmers. The company plans to focus on more niche verticals where 3D printing plays a vital role like jewellery, dental and biomedical devices. Fracktal plans to get more certifications and increase presence in the markets.
Vijay Raghav, Chief Executive Officer, Fracktal Works says “Every industry, eminent personality who would come to Manipal was taken to our lab/office at MIT. Such meetings were amazing for networking and have helped us make sales, or get us out of, and into, bad/good situations/predicaments. They also connected us with amazing mentors from Manipal Group and Aarin Capital who have helped us at every step, from filing for our patents to learning about the policies and procedures involved.”
Rohit Asil, Chief Technology Officer of Fracktal said ”We sold a total of 40 printers last year. This year, we’re selling 40 printers within 3 months and we have bagged companies like Cisco and Omega elevators among others.”
Fracktal has shifted their base from Manipal to Bengaluru. This makes sense for the company since Bengaluru is considered more accessible in terms of infrastructure and other related factors. The company claims revenue generation of Rs. 40 lakhs per annum and plans to touch Rs. 1.5 crore in sales by end of financial year.
Fracktal Works may face competition world’s popular 3D printer maker, MakerBot. However Fracktal produces much bigger models than that of MakerBot. Several 3D printer makers such Pirate 3D has raised $2 million in seed round from angel investors in Singapore and Germany.