ThinkMetal Secures $800,000 in Pre-Series A Funding
Deeptech startup ThinkMetal has successfully raised $800,000 (approximately Rs 6.7 crore) in a pre-Series A funding round, led by YourNest Venture Capital as part of the YourNest-SanchiConnect Velocity Program 2024. The round also saw participation from Concept Communications and Sanchi Connect.
Prior to this funding round, ThinkMetal had raised $300,000 in a seed round, which was spearheaded by 100X.VC, with contributions from Concept Communications, SAT Industries, as well as individual investors KRS Jamwal and Uday Sodhi.
The raised funds will be directed towards:
- Finalising production readiness
- Launching the first-generation product
- Enhancing software capabilities
- Refining operational processes
- Expanding the team in key areas, including sales, operations, design, and software development
Co-founded in 2021 by Sabyasachi Ghosh and Arushi Sharma, ThinkMetal is a premier deeptech startup focused on enabling manufacturers to produce metal components. Their compact metal 3D printer, SistemT1, claims to achieve production speeds that are ten times faster and at half the cost, utilising patented materials and innovative processes. The company’s FuseX material technology significantly reduces production time and operational expenditures, positioning it as the most rapid and efficient solution available.
ThinkMetal addresses well-established challenges in traditional tool manufacturing and low-volume production. The SistemT1 printer allows manufacturers to produce essential parts, such as moulds, dies, jigs, and fixtures, in just hours and at a fraction of the cost.
Market analysis indicates that the total tooling market in India is valued at $5 billion, with a projected compound annual growth rate (CAGR) of 9%.
Current clients of ThinkMetal include Ants Ceramics, ZeQube Technologies, and Hosur CNC. The company’s go-to-market strategy is centred on urban medium-scale and small-scale manufacturers, utilising paid pilots, experience centres, and on-demand services to encourage uptake.
In the global arena, notable competitors include Markforged, Desktop Metal, and EOS.