Manufacturing startup Phasio raises US$2.5 million seed round
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Daphne Yow
MANUFACTURING tech startup Phasio has raised US$2.5 million in seed funding, it said on Thursday (Oct 12).
Venture capital firm Airtree Ventures led the round with participation from 500 Global, Entrepreneur First and private investment office Gattaca Ventures.
The funds will be used to expand the engineering team and improve features on the manufacturing interface, which uses artificial intelligence (AI). The raise will also help grow Phasio’s operations in its current markets, which include Singapore, Australia, India and Europe.
“We often need to provide more regionally-focused support, such as providing integrations with local shipping partners. We hope to use these integrations to embed ourselves deeply into local manufacturing economies,” Harry Conor Lucas, co-founder and chief executive officer of Phasio, told The Business Times.
Phasio offers an interface to support collaboration between manufacturers and customers. The interface allows for viewing and leaving comments on designs, and enables manufacturers to personalise the order process for customers, such as tailored pricing for different orders.
The company has also developed an AI agent, ManufacturingGPT, to provide instant responses to customers’ queries regarding certain manufacturing processes.
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Co-founded in 2021 by Lucas and chief product officer Sudharshan Raman, Phasio counts over 50 customers in at least seven countries.
“We believe that local manufacturing is the lifeblood of product innovation, and by empowering those on the ground to do more, we can grow the manufacturing industry for everyone globally,” said Lucas.
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