Sydney, Oct 12: Phasio, the innovative manufacturing technology startup, has successfully secured AUD$3.8 million in a seed funding round, with AirTree Ventures taking the lead.
This substantial investment is aimed at driving progress in the manufacturing sector and enhancing global productivity.
In 2020-21, the manufacturing industry contributed over $113 billion to the Australian economy. Despite this, Australia’s manufacturing sector is falling behind its international counterparts. Globally, manufacturing typically accounts for around 16 percent of a country’s GDP, whereas in Australia, it only represents five percent.
Given the ongoing geopolitical tensions, there is an imperative to bolster high-value manufacturing and prioritize domestic production capabilities to establish a more resilient economy.
Harry Conor Lucas, CEO and Co-Founder of Phasio emphasized, “Manufacturing currently constitutes approximately a quarter of Australia’s national research and development investment.
Yet, the industry is plagued by inefficient, isolated processes that hinder manufacturers’ capacity to innovate, design, and produce, ultimately affecting our economy.”
Phasio, co-founded by Australian entrepreneur Harry Lucas and former CSIRO researcher Sudharshan Raman, is revolutionizing how manufacturers handle quoting, design, and customer interactions to unleash new modes of operation.
Phasio’s manufacturing interface streamlines the entire workflow between stakeholders, enabling buyers and manufacturers to generate instant quotations, collaborate on designs, and manage customized order experiences.
By empowering manufacturers to enhance their operations, Phasio plays a pivotal role in safeguarding supply chains and expediting the manufacturing process.
Harry Lucas emphasized their vision, stating, “Our goal with Phasio is to elevate local manufacturers onto the global stage.
“We firmly believe that local manufacturing is crucial for product innovation, and by enabling local manufacturers to achieve more, we can stimulate the manufacturing industry worldwide.
“Phasio offers an alternative to the ‘us vs. them’ mentality; we can foster our local manufacturing sector while benefiting from the right partnerships.”
Sudharshan Raman, CPO and Co-Founder of Phasio explained, “Our manufacturing interface is not just a tool, it’s a thoughtfully designed ecosystem built upon a profound understanding of the challenges faced by both manufacturers and customers.
Securing this seed funding enables us to emerge from stealth mode and expedite our go-to-market strategy, including expanding our engineering team to further enhance Phasio’s interface and meet the rising demand.”
Contributors to this funding round include 500 Global, Entrepreneur First, and Michael Sorkin’s Gattaca Ventures.
Founded in 2021, Phasio’s solution is rapidly gaining traction in the digital manufacturing industry. In addition to its core interface, Phasio has introduced ManufacturingGPT (mGPT), an AI agent integrated into its platform to provide instant answers to customer inquiries about manufacturing processes, thus enhancing industry productivity.
Phasio’s platform offers seamless integrations across the manufacturing workflow, including support for Computer Aided Design software (Fusion360, CREO, Solidworks), accounting software (Xero, Quickbooks, Zoho), and shipping providers (Australia Post, UPS, FedEx).
Presently, Phasio serves more than 50 manufacturers across an expanding array of markets, including Australia, Southeast Asia, and Europe.
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