Ethereal Machines raised $13 M Series A funding from Peak XV and Steadview
Peak XV Partners and Steadview Capital led a $13 million Series A round for advanced manufacturing startup Ethereal Machines. Participating in this round were Blume Ventures, Enam Investments, and Sandeep Singhal, three previous investors.
According to a press release from Ethereal, the money raised will be used for research and development, the construction of a second smart factory, and the creation of multi-axis CNC controllers. On the outskirts of Bengaluru, this new factory will occupy 250,000 square feet of space.
Established ten years ago by Kaushik Mudda and Navin Jain, Ethereal Machines uses its own multi-axis CNC machines to manufacture precision engineering components. Precision engineering components can be produced quickly and economically thanks to its machines.
India, Israel, the USA, and Europe are among the markets served by Ethereal. Per the company, it has produced precision parts for a number of up-and-coming deep-tech businesses, such as space-tech, drones, medical diagnostics, and thermal imaging.
Ethereal’s manufacturing solutions are said to save customers’ costs by 30% on average and their production lead times by 40%. Additionally, the company unveiled Aura and Nimbus, two brand-new devices.
The startup, situated in Bengaluru, asserts that during the past year, its revenue has increased fourfold and its production capacity has increased threefold.
In July of last year, Blume Ventures, Surge, and other investors contributed $7.3 million to Ethereal Machines. The media reports that as of the most recent funding round, Blume held the largest external stake in the company, controlling over 18% of the business, followed by Surge Ventures, which held a stake of over 17%.
In FY23, Ethereal Machines reported operating revenue of Rs 2.30 crore, up from Rs 60 lakh in FY22. The company’s losses reportedly increased from Rs 2.6 crore to Rs 4.69 crore in FY23, according to the media.
