Fabrik, India’s only Industrial Metaverse Company, which specialises in building AR supplemented Digital Twins for High Value Critical Assets across a multitude of sectors, today announced that it has raised an undisclosed amount as part of its seed round from Modulor Capital. The round also saw participation from LetsVenture, SucSEED Angel Network, Faad Network, Srishti Lakhotia of the SR Group and a few strategic individual angels. This is the very first round that Fabrik has raised since its inception in 2018.
Fabrik, founded by Puneet Badrinath in 2018, aims to Revolutionise the way humans interact with machines by making machines intuitive for users to understand & interact/manage them through an industrial metaverse. With Fabrik’s no-code platform, Industrial Clients can quickly and efficiently create Digital Twin + AR applications that run on any device (on a browser) with just a URL, and more importantly, without additional hardware. This enables businesses to run quick pilots and identify use-cases with immediate ROI and roll-out metaverse based solutions very fast with little upfront costs.
With the Metaverse market opportunity estimated to be over $1 trillion in the next 5 – 6 years and with 10% of business revenues expected to come from metaverse projects, the funds will be used to expand the team on engineering and business fronts to create product solutions across key focus sectors.
Commenting on the first funding round Puneet Badrinath, Founder, Fabrik said “In large businesses and enterprises, less than 1% of data is used in decision-making. All this data/knowledge are in silos making it impossible to gain actionable insights. Fabrik fundamentally changes this dynamic by layering complex information from multiple sources into visual insights for stakeholders along the value chain. With this round, we are building a team with the depth of experience needed to create the industrial metaverse category in the next three to five years.”
“Man’s engagement with machines has historically been complex and Metaverse based AR/VR tech allows for a more immersive engagement. Our investment in Fabrik will allow them to build this bridge with machines” said Bhavish Sood General Partner at Modulor Capital
Convergence of technologies at the time of COVID has made digital transition a reality for businesses. With Metaverse wave is here to stay,combined with 5G, Digital Twins, and Machine Learning technologies relating to the metaverse as a way to create/consume content, Fabrik will work closely with customers to create revenue streams with measurable ROI and topline impact, and transition complex interfacing processes into the metaverse.