- Ethereal Machines has raised $13 million in Series A funding to advance CNC technology and build a Smart Factory.
- The company plans to expand into U.S. and European markets, utilizing policies like 'Make in India' to boost global supply of precision components.
Bengaluru-based engineering hardware startup Ethereal Machines has secured $13 million in Series A funding from Peak XV Partners and Steadview Capital.
Per reports, the funds will go towards creating advanced computer numerical controller (CNC) technologies and constructing a modern Smart Factory in Bengaluru. The Smart Factory will help reduce production times and costs, giving Ethereal a competitive advantage in the precision manufacturing industry.
Moreover, it has expansion strategies for the targeted markets of the U.S. and Europe. They will also leverage newer policies such as ‘Make in India’ to supply precision components to the global market.
Ethereal Machines generates 60 to 70% of its revenues from Aerospace and Defense markets and 20% from healthcare and consumer electronics. The income from international customers surged to almost 40% last month from 10% at the beginning of the company's operations.
In July 2023, Peak XV’s Surge and Blume Ventures invested $7.3 million in the company.
Founded in 2014 by Kaushik Mudda and Navin Jain, Ethereal Machines is a deep-tech firm at the forefront of innovating 5-axis CNC machines that cater to a wide range of industries—from plastics and drone manufacturing to aerospace and healthcare.
Edited by Harshajit Sarmah
