Melbourne-headquartered deeptech startup Truventor.ai has acquired Pune-based Chizel, a B2B cloud manufacturing platform in the on-demand manufacturing space in a 100% stock deal last month, Chizel.io announced in an official blog post.
As part of the deal, Chizel founders and investors will get an undisclosed stake in Truventor, while Chizel founders will join the Truventor management team.
Founded in 2014 by Yash Rane, Ravi Ranjan and Devang Saini, Pune-based Chizel.io provides solutions for cloud-based on-demand manufacturing such as 3D printing, injection moulding and machining. Truventor, founded in 2016 in Melbourne, provides software for design and sourcing teams to simplify manufacturing workflows across the value chain from requisitions to delivery.
The two companies will work together on projects involving distributed manufacturing and cloud-based workflow tools using machine learning and artificial intelligence for supplier identification, quality control, cash flow issues, machine maintenance and more.
“We are super excited to announce our entry into the Indian custom manufacturing industry through the acquisition of Chizel. We will leverage Chizel’s extensive batch manufacturing experience in India to deliver better business outcomes for our customers, enabled by intelligent workflows and deep-tech framework,” Soumitra Joshi, founder of Truventor said in a statement.
Chisel, which had raised seed funding from early-stage tech accelerator GSF and other angel investors in 2018, said Truventor would get full access to its 700 suppliers across the globe which includes job shops from industries such as sheet metal, CNC machining, 3D printing, injection moulding, forging, and casting.
It offers a workflow-based web-app for designers and machine shops to import 3D CAD designs and get real-time manufacturing solutions based on the design requirements from an array of vendors. The company claims to have a network of vetted manufacturing partners and Chizel’s smart engine is said to be able to understand a design job’s requirements while matching it with the right manufacturing partner based on location and expertise.
The startup boasts of clients in electronics and electrical component manufacturing, automotive, medical devices, optics and general engineering. Among the major clients are the likes of Volvo, Capgemini, Funskool, Eaton, Thermax, Mahindra Automobiles, Lam Research and others.
Among its Indian competitors are the likes of Hyderabad-based 3D Usher, Ethereal Machines, Fracktal Works and others. Chizel founders stated that by joining up with Truventor, the company will be able to expand its reach not only in India but also in Europe, Middle East, Japan, Asia-Pacific and North and South America.