Ethereal Machines, a Bengaluru-based company specializing in the manufacturing of 5-Axis CNC machines, has successfully raised $7.3 million in a Pre-Series A funding round. The funding was backed by prominent investors such as Peak XV’s Surge, Blume Ventures, Ganapathy Subramaniam, Mathew Cyriac, Lip-Bu Tan, Finvolve, 9Unicorns, Venture Catalysts, and T2D3 Capital, as reported by TechinAsia.
With the newly acquired funds, Ethereal Machines aims to establish additional factories across India, complementing its existing facility in Bangalore. The company has already raised $1 million (~ Rs 7 crore) in its earlier pre-Series A round, led by Blume Ventures and contributions from Jitendra Gupta, PayU India managing director, and Samay Kohli and Akash Gupta, founders of Grey Orange Robotics.
Ethereal Machines holds tremendous potential in India’s thriving manufacturing sector, which constitutes 17% of the country’s GDP and employs over 27.3 million workers. As per the International Trade Administration, the Indian manufacturing industry contributed 16-17% of India’s GDP before the pandemic and is projected to be one of the fastest-growing sectors. In this context, the machine tool industry plays a crucial role in driving manufacturing in India.
Utilizing proprietary Computer Numerical Control (CNC) machines, including drills and mills, Ethereal Machines specializes in producing precision engineering components for aerospace, automobile, and healthcare applications.
Founded in 2014 by Kaushik Mudda and Navin Jain, Ethereal Machines strives to address manufacturing challenges faced by various industries, engineers, and creators. Through its cutting-edge machines, the company aims to support the growth of small-scale and mid-scale entrepreneurs by providing them with affordable, state-of-the-art equipment.