Ethereal Machines, an engineering hardware startup announced that it has raised about USD 7.3 million in the funding round. The participation included Blume Ventures, Peak XV Partners, and other investors.
Ethereal Machines was founded in 2014 by Mudda and Navin Jain, it produces computer numerical control (CNC) machines. This firm aims to use this funding money to make factories in India to produce crucial precision engineering components.
Kaushik Mudda, Co-founder, Ethereal Machines says that the new funds will allow us to ascend the operations locally and internationally and regale to more engineering applications.
It highlighted the ever-growing demand in the manufacturing sector of India. It is being uplifted by push to Make in India through the Production-Linked Incentive scheme.
Blume Ventures and Peak XV Partners, invested in the company saw the engagement from partner of Celesta Capital, former head of Blackstone India, and executive chairman of Cadence Design Systems and chairman of Walden International. Participation of Finvolve, Venture Catalysts and 9Unicorns was also seen.
The Bengaluru based startup says that the computer numerical control CNC machines are using patented technology for manufacturers. It is to attain precision engineering modules at scale, with a quicker and cost-effective price.
Ethereal will then invest again in making factories producing the precision engineering components. These components are then given to defence, automobile, aerospace, etc., industries across the country.