Phasio Gets US$2.5M Seed To Boost Local Manufacturing Around The World

News/Update
October 23, 2023
Phasio Gets US$2.5M Seed To Boost Local Manufacturing Around The World

SINGAPORE, 12 OCT 2023: Phasio’s manufacturing interface has landed a US$2.5M seed round to accelerate the manufacturing industry, which powers over 16% of the world's GDP. Airtree Ventures led the round with participation from 500 Global, Entrepreneur First, Michael Sorkin’s Gattaca Ventures, Airtree Explorers and Teik Guan Tan.

“Phasio is here to elevate a new wave of local manufacturers onto the global stage. We believe that local manufacturing is the lifeblood of product innovation, and by empowering those on-the-ground to do more, we can in fact, grow the manufacturing industry for everyone globally. Phasio offers an alternative to the us-vs-them mentality, we can have our local manufacturing industry but also benefit from working with the right partners.” said Harry Conor Lucas, CEO and Co-Founder of Phasio.

Phasio's manufacturing interface is tailored to address existing friction points between manufacturers and customers throughout the standard process. No other software tackles the end-to-end workflow between these stakeholders from instant quotations to collaborating on designs, to managing personalised order experiences via a digital storefront.

Each tool featured on Phasio’s manufacturing interface is designed to streamline product development in a way that’s intuitive to the manufacturer-customer workflow. For instance, when collaborating on designs, Phasio's interface enables the manufacturer and customer to view the design on the manufacturer's website and leave comments on the parts in 3D. This means a single engineer can scale up their workflow from an average of two projects to 10 at a time, while sustainably maintaining rapport with customers.

In addition to its core features, Phasio has developed ManufacturingGPT (mGPT), an AI agent on its interface to answer questions customers may have about specific manufacturing processes to simplify parts of the order management workflow, which may need an instant response.

Phasio’s platform includes a number of integrations across the manufacturing workflow from Computer Aided Design software (Fusion360, CREO, Solidworks), accounting software (Xero, Quickbooks and Zoho) and shipping providers (Australia Post, UPS and FedEx). Over 50 local manufacturers use Phasio today across a growing number of markets such as Singapore, Australia, Germany, India, the UK, Greece and the Netherlands.

The strategic raise will enable Phasio to accelerate its go-to-market strategy with the use of funds earmarked for two areas of focus over the next year. First, to scale its engineering team to support growing demand for its interface and second, to further accelerate its manufacturing interface with feature improvements, including developing mGPT’s AI capabilities. 

James Cameron, Partner at Airtree Ventures said: “It would be easy to build technology for the manufacturing sector that brings incremental efficiency improvements but Harry and Raman have been thoughtful about how to go beyond these immediate pain points. The manufacturing future Phasio’s building is not just needed but an inevitability for the industry.”

Vishal Harnal, Managing Partner at 500 Global said: "Manufacturing plays a key role in bolstering the prosperity of the global economy. Phasio's commitment to foster hyper-local and hyper-connected manufacturing holds the potential to catapult not only their customers but the people and economies dependent on these industries."

Chris Bradbrook, Managing Director at IPS3 said: “We’ve found Phasio’s interface to be the missing link our Additive Manufacturing business has been looking for. Our B2B and B2C clients get end-to-end visibility in the way that most makes sense to them. It’s also been the path of least resistance to adopt and seamlessly fits into both innovative on-demand processes and existing onshoring workflows.”

IPS3 works with Phasio to accelerate design innovation and drive the adoption of digital manufacturing across Australia.

Sudharshan Raman, CPO and Co-Founder of Phasio said: “Our manufacturing interface is not just a tool; it's a carefully designed ecosystem rooted in a deep understanding of the challenges that both manufacturers and customers face. Phasio's intuitive by design, removing barriers and making it easier for manufacturers to focus on what they do best: creating quality products."

About Phasio: Phasiois the leading end-to-end manufacturing interface. With Phasio, manufacturers can scale the ‘human touch’ in their customer experience via an interface that delivers frictionless communication, customisable workflows and cutting-edge Al technology. The manufacturing interface also helps companies to acquire new customers by providing a seamless platform for instant quotations, order management and lead generation.

The team believes in inspiring the products of tomorrow by empowering manufacturers to do more, today. By driving an accelerated pace of product development, Phasio is working towards increasing the manufacturing pie for everyone globally.

The manufacturing-tech startup was co-founded by Harry Lucas Conor and Sudharshan Raman in 2021. You can check out the fundraise announcement at: https://techcrunch.com/2023/10/11/phasio/

Fundraise
Seed Round
Venture Capital
500 Global
Airtree Ventures
Entrepreneur First
Airtree Explorers