Bengaluru-based 3D printer maker, Fracktal Works that was founded one and a half years ago, has raised $3 million from Neoteric Infomatique Ltd., one of the country’s IT distributors. Post investment, the firm is valued at $2-3 million and it has received funding at a minority stake exchange to Neoteric. The company aims to utilize the new funds for increasing its user base.
Founded by two engineering graduates of Manipal Institute of Technology – Rohit Asil and Vijay Raghav Varada, the company has bagged clients like Larsen and Toubro, and develops desktop 3D Printer Julia. It sells its printers to manufacturing firms, product design firms as well as to individuals, and claims to has a revenue run rate of Rs 40 lakh/annum and targets to touch Rs 1.5 crore in sales by end of this fiscal.
The startup claims that Julia is capable of printing models bigger than the world’s popular printer MakerBot.
In February this year, 3D Printer makers, Pirate3D, had raised $2 million in seed round from individual investors from Singapore and Germany with participation from Low Capital Management, a Singapore-based family office.