Advanced manufacturing startup Ethereal Machines raises $13M in a Series A round

Ethereal Machines, an advanced manufacturing startup, has raised $13 million in a Series A funding round led by Peak XV Partners and Steadview Capital.

Existing investors, including Blume Ventures, Enam Investments, and Sandeep Singhal, also participated in this funding round.

The significant investment underscores the increasing opportunities in the manufacturing sector, bolstered by the government's "Make in India" initiative.

What will the funds be used for?

Ethereal Machines plans to use the raised capital towards several key areas of development for Ethereal Machines.

The startup plans to enhance its research and development efforts and build India's first multi-axis CNC controller.

Additionally, It will establish a new smart factory on the outskirts of Bengaluru, Karnataka, within the next 12 months. The new facility will span 250,000 square feet and is expected to significantly increase production capacity. 

What does Ethereal Machines' do?

Founded in 2014 by Kaushik Mudda and Navin Jain, Ethereal Machines specializes in producing computer numerical control (CNC) machines.

These machines are used in precision engineering to create prototypes and commercial products. Ethereal's CNC machines cater to a diverse range of industries, including aerospace, defence, medical, healthcare, and consumer electronics. 

The startup's proprietary technology addresses the global demand for cost-effective precision engineering components, serving customers in the USA, Europe, Israel, and India.

Over the past year, It claims to have achieved a 4x increase in revenue and a 3x increase in production capacity, significantly reducing production times and costs for its customers.