Bengaluru-based Ethereal Machines Raises $7.3 Million in Pre-Series A Funding

• ByStartupStory     |    July 24, 2023

Bengaluru-based Ethereal Machines, a leading manufacturer of 5-Axis CNC machines, has secured $7.3 million in a Pre-Series A funding round from prominent investors, including Peak XV’s Surge, Blume Ventures, Ganapathy Subramaniam, Mathew Cyriac, Lip-Bu Tan, Finvolve, 9Unicorns, Venture Catalysts, and T2D3 Capital, as reported by TechinAsia.

The funds raised in this round will be utilized to accelerate the company’s expansion plans, including the establishment of additional manufacturing facilities across India, complementing its existing plant in Bangalore.

Ethereal Machines had earlier received $1 million (~ Rs 7 crore) in its pre-Series A round, with Blume Ventures leading the funding and contributions from PayU India managing director, Jitendra Gupta, and the founders of Grey Orange Robotics, Samay Kohli, and Akash Gupta.

The company specializes in utilizing proprietary Computer Numerical Control (CNC) machines, such as drills and mills, to produce precision engineering components for various industries, including aerospace, automobile, and healthcare.

Founded in 2014 by Kaushik Mudda and Navin Jain, Ethereal Machines aims to address manufacturing challenges faced by industries, engineers, and makers by offering advanced CNC solutions and empowering small-scale and mid-scale entrepreneurs with affordable machines.

India’s manufacturing sector presents significant growth opportunities, contributing to 17% of the country’s GDP and employing over 27.3 million workers. According to the International Trade Administration, the Indian manufacturing industry generated 16-17% of India’s GDP pre-pandemic and is projected to be one of the fastest-growing sectors. The machine tool industry is a vital component of India’s manufacturing landscape.

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