Ethereal Machines, an advanced manufacturing player, has raised $7.3 million in a new round which saw participation from Peak XV’s Surge, Blume Ventures and individuals including Ganapathy Subramaniam and Lip-Bu Tan. Finvolve, 9Unicorns, Venture Catalysts and T2D3 Capital also participated in the round.
The fresh round of funds will be used to build factories across India to manufacture crucial precision engineering components, Ethereal Machines said in a press release.
Founded in 2014 by Kaushik Mudda and Navin Jain, Ethereal Machines produces precision engineering components via its proprietary multi-axis CNC machines. Ethereal’s machines enable precision engineering components to be produced at fast and cost-effective rates. The company’s manufacturing solutions optimise productivity and supply chain resiliency across the manufacturing value chain in India.
Ethereal focuses on supplying much-needed precision engineering parts to the aerospace, defence, automobile and healthcare industries. On average, Ethereal’s manufacturing solutions claims that it reduces costs for their customers by 30% and production lead times by 40%.
This is the third investment for Peak XV since its rebranding in June. Last month, Peak XV co-led $10 Mn round in spacetech startup Digantara. Recently, it led a $3.3 million round in cybersecurity startup Pingsafe.
