Industrial automation startup Ethereal Machines raises $7.3M in pre-Series A round

Ethereal Machines, a Bengaluru-based startup that manufactures 5-Axis CNC machines, said it has raised $7.3 million in a pre-Series A funding round led by Peak XV's Surge and Blume Ventures.

The round also saw participation from individual investors, including Ganapathy Subramaniam, partner at Celesta Capital; Mathew Cyriac, the former head of Blackstone India; and Lip-Bu Tan, executive chairman of Cadence Design Systems and chairman of Walden International.

According to the startup, the raised capital would be used towards building factories across the country to manufacture crucial precision engineering components.

Prior to the current round, It had raised $1 million from Blume Ventures with contributions from PayU India managing director Jitendra Gupta and founders of Grey Orange Robotics - Samay Kohli and Akash Gupta.

Founded in 2014 by Kaushik Mudda and Navin Jain, Ethereal Machines is aiming to solve problems related to manufacturing faced by industries, engineers and makers through its machines and aid the growth of small-scale and mid-scale entrepreneurs by equipping them with affordable machines. 

The startup builds proprietary multi-axis Computer Numerical Control (CNC) machines in India and uses them to manufacture precision parts for the aerospace, defence, automobile and healthcare industries.

"India needs to ace the amalgamation of both hardware and software to achieve excellence in precision machining, the foundation of large-scale industrialization and to be known as a global manufacturing powerhouse. Ethereal Machines is in a unique position to build supply chain resiliency and increase productivity across key manufacturing factors, and we're committed to developing India's manufacturing value chains to reach global competitiveness," said Kaushik Mudda.

"The new funds will enable us to scale our operations and cater to more high-end engineering applications locally and internationally," he added.

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