14th June 2024- Ethereal Machines, a startup based in Bengaluru, recently secured $13 million in Series A funding led by Peak XV Partners and Steadview Capital. Other investors, including Blume Ventures, Enam Investments, and Sandeep Singhal, also contributed to this round.
The company plans to utilize the funds for research and development, constructing a new smart factory, and developing multi-axis CNC controllers over the next year. This factory, spanning 250,000 square feet, will be located on the outskirts of Bengaluru.
Established by Kaushik Mudda and Navin Jain, Ethereal Machines specializes in producing precision engineering components using its proprietary multi-axis CNC machines. These machines enable efficient and cost-effective manufacturing of precision components for various industries, including space-tech, drones, medical diagnostics, and thermal imaging.
Ethereal Machines serves clients in the USA, Europe, Israel, and India, boasting a significant reduction in costs and production lead times for its customers. The company has also introduced two new machines named Aura and Nimbus.
In the past 12 months, Ethereal Machines has witnessed a remarkable growth, with a 4x increase in revenue and a 3x increase in production capacity.
Prior to this funding round, the company had raised $7.3 million from Peak XV’s Surge and other investors in July last year. According to TheKredible, Blume Ventures holds the largest external stake in the company, followed by Surge Ventures.
Despite recording Rs 2.30 crore in revenue from operations in FY23, up from Rs 60 lakh in FY22, Ethereal Machines reported increased losses of Rs 4.69 crore in FY23 compared to Rs 2.6 crore in the previous fiscal year.
Source:Link
