The Manufacture Hub Startup Imajin Receives Pre Series A Funding from Init-6
Imajin's Co-founder & CEO, Chendy Jaya mentioned that the Global Fund is going to participate in this funding
The manufacturing hub startup Imajin received pre-seed funding from Init-6 with an undisclosed amount. This funding will be used to accelerate digitization in the manufacturing industry through market expansion and new product development.
In a short discussion with DailySocial.id, Imajin's Co-founder & CEO, Chendy Jaya said that Init-6 is currently the sole investor for this round. However, the Global Fund is said to participate in this funding.
In Indonesia, Imajin plans to expand to several cities in Java and Batam. In addition, the company is strongly considering an expansion to Japan. After his recent visit to Japan, he implied to gain a positive response from the local companies.
"I think we'll need representatives in the country, in order [prospective customers] to be onboard at Imajin," he added.
Imajin is a platform that bridges demand and supply in the manufacturing industry. By positioning itself as a manufacturing hub, Imajin offers three business models, (1) a platform to gather business players in the manufacturing industry, (2) project financing, and (3) a marketplace to supply raw materials.
Throughout the first semester of 2022, he continued, Imajin has recorder an Annual Recurring Revenue (ARR) contract of almost ten times growth compared to two years ago. The company has just started its expansion in East Java, and released an AI-based Quick Note feature to detect 3D files and instantly determine the price range of the goods.
On his LinkedIn page, Init-6's Venture Partner, Rexi Christopher believes that Imajin will have a significant role to play in revolutionizing the manufacturing industry in Indonesia. Moreover, 20% of Indonesia's total GDP is projected to come from manufacturing. Its growth is also predicted to be faster due to the adoption of new technologies.
In addition, he believes that Imajin is backed by know-how founders in this sector. "We believe that Imajin can accelerate digitization in manufacturing so as to make its industry in Indonesia more competitive in the global market," he said.
In fact, Init-6 was founded by Bukalapak's Co-founders, Achmad Zaky and Nugroho Herucahyono with a focus on investing in early-stage startups. Recently, Init-6 has channeled funding to the "Dibimbing" edtech platform.
On a separate occasion, Imajin works closely with the Sole Agents of Brand Holders (ATPM) in the automotive and other sectors and cooperates with the Ministry of Industry to accelerate the digitization of manufacturing in the country.
In its efforts to enter the Japanese market, Chendy said that the automotive industry in Indonesia has great potential. Moreover, some high technology for automotive products, such as servo-brakes, gear boxes, and drive-axles, are still imported from Japan. According to a report by the Indonesian Embassy in Tokyo with Mizuho Bank, the import value reached $1 billion.
Meanwhile, the Indonesian government is aggressively encouraging domestic digitalization in order to meet the regulation of the Domestic Content Level (TKDN) of at least 35% and increase to 80% in 2026, especially in electric vehicles.
"We found a classic problem that often occurs in the manufacturing sector, which is finding trusted vendors. We want to digitize the procurement process to production, therefore, the Indonesian market can compete with other countries," he said.
Currently, Imagin has more than 400 local manufacturing partners and 80 customers including Japanese companies in Indonesia. Imajin strives to provide dozens of customers from leading companies, such as Tom's Racing, Toyota Motor Corporation, Mitsubishi Motor Corporation, so that they comply with product standards owned in Japan.
–Original article is in Indonesian, translated by Kristin Siagian