Imajin, a manufacturing startup based in Tangerang, Indonesia, announced that it has secured seed funding led by East Ventures, along with the participation of 500 SEA, Init 6, as well as other investors and angel investors. Imajin will allocate this funding to develop its products and services, improve recruitment, and expand its domestic and international market coverage.
“We are pleased to receive trust from investors in this funding round. We believe this funding will strengthen us in maximizing the potential of small and medium manufacturing enterprises (SMEs). We will continue to improve the quality of our platform and services for every vendor that partners with Imajin.” said Chendy Jaya, Co-Founder and CEO of Imajin
Imajin was founded by Chendy Jaya (Chief Executive Officer), Stefanus Hodir (Chief Marketing Officer), and Joseline Olivia (Chief Product Officer), and has the mission to become a digital creative manufacturing ecosystem. Imajin offers various types of production in the manufacturing industry, such as mold and dies manufacturing, metal and plastic parts production, raw materials trading, fabrication, and mass production. At the same time leveraging the manufacturing ecosystem, such as small to medium players.
Imajin is committed to continuously support the manufacturing SMEs to scale and develop by offering assistance to manufacturers in developing new products from prototypes to ready for mass production. Imajin ensures high quality production results by implementing a standardized quality assurance process and offering an efficient project management experience through Software as a Service (SaaS) solutions.
Imajin plays an active role in advancing the manufacturing SMEs through the digitization process and creates a connected network between players to increase collaboration. Understanding the manufacturers’ diverse needs, Imajin also facilitates the purchase of raw materials through the marketplace with flexible payment options.
“We are delighted to welcome Imajin to East Ventures’ family. We hope that Imajin is present not only as the right solution for the manufacturing industry, but also performs an active role in supporting the development of the industry, and the digital ecosystem as a whole. We are excited to further experience the positive development from Imajin in the future,” said Melisa Irene, Partner at East Ventures.
Imajin’s achievements along with the development of Indonesia’s manufacturing industry
According to data from the Coordinating Ministry for Economic Affairs of the Republic of Indonesia in 2022, the non-oil and gas processing industry has grown 4.88% (YoY) and contributed 16.10% to GDP. Meanwhile, the growth of the automotive industry itself has outgrown Indonesia’s national economic growth. As for manufacturing, utilization of motor vehicles in October 2022 achieved 69.20% which is a 40% increase in comparison to during the pandemic period.
Imajin sees massive potential in the increasing domestic production, especially in the automotive sector which is one of the dominant sectors. This positive performance shows that the national manufacturing industry is continuously improving and recovering after being affected by the COVID-19 pandemic in the midst of uncertain global economic conditions.
To date, Imajin has worked with more than 500 manufacturing companies, ranging from Mold Makers, Dies Makers, Injection, Stamping, Fabrication, and others. Imajin has also served more than 100 customers, both local companies as well as the Japanese companies based in Indonesia.
In June 2022, Imajin was invited by the Embassy of The Republic of Indonesia in Tokyo and the Ministry of Industry of the Republic of Indonesia as a business delegation to represent Indonesia at “Indonesia – Japan Auto Parts Business Forum”. This business forum is aimed to connect Imajin with Japanese enterprises. Manufacturing SMEs that are members of Imajin are expected to collaborate. Through the official agenda of the forum, Imajin was also exploring cooperation opportunities with several Japanese business associations, including the Central Japan Economic Federation (Chukeiren), and JETRO Nagoya.
In 2021, Imajin was also selected as one of the participants in the Startup Studio Indonesia accelerator program organized by the Ministry of Communication and Informatics of the Republic of Indonesia. Imajin was also appointed by the Ministry of Industry as Indonesia’s one and only manufacturing hub to boost technology and competitiveness in industry 4.0.
Moving forward, Imajin will expand its coverage to other cities in Indonesia, as an effort to support local manufacturers, especially in the automotive industry.