Deep Tech Startup Ethereal Machines Raises US$13M Series A
Deep tech and advanced manufacturing startup, Ethereal Machines, has raised US$13 million in a Series A funding led by Peak XV Partners and Steadview Capital including Blume Ventures, Enam Investments, and Sandeep Singhal.
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Bengaluru-based deep tech and advanced manufacturing startup, Ethereal Machines, has raised US$13 million in a Series A investment in India led by venture investment company Peak XV Partners and Steadview Capital. Blume Ventures, Enam Investments, and angel investor Sandeep Singhal also participated in this round of funding.
As per the website, the company is a deep-tech start-up which specializes in constructing special 5-Axis CNC (Computer Numerical Control) machining technology in India. It is solving gaps in manufacturing, for industries ranging from plastic to aerospace to drone manufacturing and aerospace to healthcare industries.
It produces precision parts for the consumer electronics, healthcare, and aerospace sectors. As per the company website, they develop cutting-edge technological platforms tailored for various manufacturing industries as stated above using state-of-the-art 5-Axis CNC machining solutions. Their advanced capabilities provide a distinct competitive advantage in part size, material options, finishing techniques, and customer service.
The startup was founded in 2014 by Kaushik Mudda and Navin Jain in Bengaluru aiming in producing computer numerical control (CNC) machines for the precision engineering to create prototypes and commercial products.
The money raised from this round will be utilized in R&D, the creation of India’s first multi-axis CNC controller, and to set up their second smart factory in the upcoming year. The extended facility will be located next to the future Foxconn complex on the outskirts of Bengaluru, and will occupy 250,000 square feet.
Kaushik Mudda, co-founder of Ethereal Machines, said that the money raised would help them improve their R&D programs and increase their production capacity, making India a leader in precision manufacturing worldwide.
Recently, Ethereal Machines opened its newest Smart Factory in Peenya, Bangalore, which is spanning over 50,000 square feet. The startup has already gained 3 times growth in manufacturing capacity and a 4 times increase in revenue over the past 12 months. In addition, the business introduced two new machines, Aura and Nimbus, which allowed it to produce precision-manufactured parts with sub-10-micron accuracy, a first for Indian manufacturing.
Image credit- EM
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