Phasio, the manufacturing tech startup, today announced it has raised $3.8 million in a seed round, led by AirTree Ventures to accelerate the manufacturing industry and global productivity.
Generating over $113 billion in value in 2020-21, the manufacturing industry is a driving force behind the local economy. But compared to international counterparts, Australia’s manufacturing industry is falling behind.
Globally, manufacturing contributes an average of 16 per cent to a country’s gross domestic profits (GDP). But in Australia, the manufacturing industry is responsible for just 5 per cent of GDP.
Amidst the backdrop of current geopolitical tensions, there’s a need to increase high-value manufacturing and prioritise sovereign manufacturing capabilities to create a more resilient economy.
“Manufacturing accounts for about a quarter of Australia’s national research and development investment,” said Harry Conor Lucas, CEO and co-founder of Phasio.
“But right now, the industry is stuck with inefficient, siloed processes that are slowing manufacturers’ ability to imagine, design, and create, and with it, our economy,” he said.
Co-founded by Australian entrepreneur, Harry Lucas and ex-CSIRO researcher, Sudharshan Raman, Phasio is digitising how manufacturers quote, design and interact with customers to unlock new ways of working.
Phasio’s manufacturing interface provides an end-to-end workflow between stakeholders (buyers and manufacturers) to create instant quotations, collaborate on designs, and manage personalised order experiences. By empowering manufacturers to build better, Phasio is helping to secure supply chains and accelerating the pace of manufacturing.
“Our vision with Phasio is to elevate a new wave of local manufacturers onto the global stage. We believe that local manufacturing is the lifeblood of product innovation, and that by empowering local manufacturers to do more, we can in fact grow the manufacturing industry for everyone globally,” added Lucas.
“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,” explained Sudharshan Raman, CPO and Co-founder of Phasio.
“Securing this seed funding allows us to come out of stealth mode and accelerate our go-to-market strategy. This includes scaling our engineering team to further develop Phasio’s interface, and support growing demand.”