Ethereal Machines Raises US$13 Million to Boost Advanced Manufacturing in India
- he funds raised will be utilized for R&D, building India’s first multi-axis CNC controller and to commence construction of its’ second “Smart Factory” in the next 12 months.
- The startup has seen a 4x increase in revenue and a 3x increase in production capacity in the last 12 months.
- The company also launched two new machines, Aura and Nimbus, enabling it to achieve sub-10-micron accuracies on its precision-manufactured parts—an unprecedented achievement for Indian manufacturing
Ethereal Machines, India’s leading advanced manufacturing startup, today announced it has raised US$13 million in a Series A round led by Peak XV Partners and Steadview Capital. Existing investors Blume Ventures, Enam Investments, and Sandeep Singhal also participated in this round.
The startup specializes in building proprietary multi-axis Computer Numerical Control (CNC) machines in India and utilises the CNC machines to manufacture precision parts for the aerospace, healthcare, and consumer electronics industries. Over the last year, the company successfully reduced production times for customers by 25-40% and improved their cost efficiency by 10-30%. As one of the handful of companies globally mastering 5-axis CNC machining, Ethereal addresses the increasing demand for cost-effective precision engineering components through its proprietary CNC machines.
The funds from this round will be utilized for research and development, building India’s first multi-axis CNC controller and to commence construction of its second “Smart Factory” within the next 12 months. This new facility will span 250,000 square feet on the outskirts of Bengaluru, adjacent to the upcoming Foxconn facility.
Commenting on the announcement, Kaushik Mudda, Co-founder of Ethereal Machines shared, “At Ethereal Machines, our mission is to propel India’s manufacturing sector forward and contribute significantly to the country’s economic growth. This fundraise will allow us to enhance our R&D initiatives and expand our production capacity, positioning India as a global leader in precision manufacturing. Our new Smart Factory will not only elevate our production capabilities but also support the growth of various industries by delivering high-quality, cost-effective precision components. Our vision is to strengthen India’s GDP, fortify infrastructure, boost exports, and create numerous job opportunities, driving the country towards unmatched global competitiveness.”
Ethereal Machines has recently inaugurated its latest “Smart Factory” in Peenya, Bangalore which spans 50,000 square feet. It operates 24×7 with a host of automated machines producing precision parts. Over the last 12 months, the startup has seen a 4x increase in revenue and a 3x increase in production capacity. The company also launched two new machines, Aura and Nimbus, enabling it to achieve sub-10-micron accuracies on its precision-manufactured parts—an unprecedented achievement for Indian manufacturing.
“Kaushik and Navin have been committed to solving core engineering problems to enable precision manufacturing for several years. Having seen them grow and achieve ever increasing milestones through our Surge program,Peak XV Partners is thrilled to lead their Series A. We have strong belief in the growth of precision manufacturing as it underpins many of India’s priority areas of development”, said, Shailesh Lakhani, MD, Peak XV.
Ethereal Machines is positioned to capture substantial growth opportunities in India’s manufacturing sector, which accounts for 17% of India’s GDP. With China+1, PLI schemes, indigenization, and the renewed push for Make in India, an increased manufacturing output from India is crucial. Ethereal’s “Smart Factories” will play a significant role in the country’s aim to be a $1 trillion manufacturing economy by 2030 and help it become the world’s third-largest strategic manufacturing hub after China and the United States. The Aura and Nimbus machines are the result of 10 years of continuous iterations and technological advancements. As a result, Ethereal Machines has excelled in mastering multi-disciplinary sciences including mechanical engineering, software development, electronics, and kinematics, to achieve unparalleled precision in the CNC machining sector.
“We expect manufacturing in India to be a multi-decadal trend, and Ethereal Machines is strategically positioned to benefit from this. We admire Kaushik and Navin’s commitment to developing homegrown 5-axis CNC machines over the last decade. Their dedication to mold the future of precision manufacturing is inspiring, and we look forward to partnering with them on this journey,” said, Puneet Kumar, Managing Director, Steadview Capital.
At its existing “Smart Factory,” Ethereal caters to customers from the USA, Europe, Israel, and India. Ethereal Machines has manufactured precision components for numerous emerging companies in the deep-tech sector, including those in space-tech, drones, medical diagnostics, and thermal imaging. Customers provide Ethereal Machines with their engineering drawings, which are transformed into physical parts made from materials such as Aluminium, Titanium, Steel, and Engineering Plastics.Ethereal Machines also sponsors student racing teams across engineering colleges in India, manufacturing precision components for these teams pro bono.
visit :- https://etherealmachines.com/
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