Ethereal Machines, an advanced manufacturing startup, has successfully raised $13 million in a Series A funding round led by Peak XV Partners and Steadview Capital. The round also saw participation from existing investors including Blume Ventures, Enam Investments, and Sandeep Singhal.
The fresh capital will be directed towards research and development, specifically in the creation of multi-axis CNC controllers. Additionally, Ethereal Machines plans to construct a second smart factory within the next 12 months. This new facility, set to be located on the outskirts of Bengaluru, will cover an expansive 250,000 square feet.
Founded a decade ago by Kaushik Mudda and Navin Jain, Ethereal Machines specializes in producing precision engineering components using its proprietary multi-axis CNC machines. These machines are known for enabling the production of precision components rapidly and cost-effectively.
Ethereal serves a diverse clientele spanning the USA, Europe, Israel, and India. The company has produced precision components for numerous emerging firms in deep-tech sectors such as space-tech, drones, medical diagnostics, and thermal imaging.
Ethereal’s manufacturing solutions reportedly reduce customer costs by 30% and cut production lead times by 40%. The company recently launched two new machines, Aura and Nimbus, further enhancing its product lineup.
In the past year, Ethereal Machines has witnessed significant growth, achieving a 4x increase in revenue and a 3x boost in production capacity.
Before this funding round, Ethereal Machines raised $7.3 million from Peak XV’s Surge, Blume Ventures, and others in July of the previous year. Blume Ventures held the largest external stake in the company at over 18%, followed by Surge Ventures with more than 17%.
This new infusion of capital positions Ethereal Machines to continue its trajectory of innovation and expansion in the advanced manufacturing sector.
