Excl: 3D printing startup Biotz close to raising Series A round from Ncubate, others
Biotz Intelligent Technologies, a Kerala-based startup which develops 3D printing solutions for enterprises, is close to securing its Series A round of funding from a group of investors, including Gurgaon-based private equity firm Ncubate, among others, Biotz's founder and CEO Paul Anand told Techcircle.in.
The capital will be used for setting up a manufacturing unit and R&D centre in Thiruvananthapuram, in addition to product development, marketing and hiring.
Biotz had previously raised $50,000 in seed funding from an unnamed non-resident Indian (NRI) in April last year.
The startup was founded in 2012 by Paul Anand, who had earlier also founded Jib, a consumer electronics startup when he was in the 8th standard. Anand has done a short course in Robotics Engineering from IIT Madras.
Biotz has developed a 3D printer called Makifyr, which can be used to create 3D objects by using computer generated designs. The company is mainly catering to healthcare, automobile and aerospace sectors with the product, which is priced between Rs 1 lakh and 5 lakh. A portable device, Makifyr supports Android on the mobile besides Mac and Windows platforms for the PC. The firm is now working on a consumer version of the device.
"Over 4 million Indian designers cannot make custom products/rapid prototypes from CAD software designs with the existing manufacturing tools, such as Inj Mould and Milling. Meanwhile, the devices currently available in the markets cost close to 20 lakh," said Anand. "This is where Biotz comes into the picture. Our product is customisable and can be used to design designs in a short time," he added.
He claims the firm has already bagged over 20 enterprise clients across verticals, and has an order book of over 150. Currently, Biotz has outsourced the manufacturing to a company based out of Mumbai. "Once we start our own manufacturing unit, the device cost can be further reduced so that it can be affordable to everyone," he noted.
Biotz is also looking to launch an e-commerce portal for 3D printing in the near future, wherein users will be able to order various designs through the portal.
Although 3D printing in India is in the nascent stages, a lot of companies cropped up in this space recently. They include Bangalore-based Cycloid and 3D Product Development Pvt Ltd, and Mumbai-based BlueStone Consultancy Services.
(Edited by Joby Puthuparampil Johnson)