Bengaluru-based Ethereal Machines, which makes, which manufactures 5-Axis CNC machines, has raised $7.3 million in Pre-Series A Round of funding from Peak XV's Surge, Blume Ventures, Ganapathy Subramaniam, Mathew Cyriac, Lip-Bu Tan, Finvolve, 9Unicorns, Venture Catalysts and T2D3 Capital, reported TechinAsia.
The company will use the freshly raised funds to establish more factories across India, adding to the one it currently has in Bangalore.
Ethereal Machines had earlier raised $1 million (~ Rs 7 crore) in its pre-Series A round of funding, which was led by Blume Ventures with contributions from PayU India managing director, Jitendra Gupta, and founders of Grey Orange Robotics - Samay Kohli and Akash Gupta.
Ethereal Machines is poised capture enormous growth opportunities in India’s manufacturing sector, which accounts for 17% of India’s GDP and over 27.3 million workers. According to the International Trade Administration, the Indian manufacturing industry generated 16-17% of India’s GDP pre-pandemic and is projected to be one of the fastest growing sectors. The machine tool industry was literally the nuts and bolts of the manufacturing industry in India.
Ethereal Machines uses proprietary Computer Numerical Control machines, such as drills and mills, to produce precision engineering components for aerospace, automobile, and healthcare use.
Founded in 2014, by Kaushik Mudda and Navin Jain, Ethereal Machines solves problems related to manufacturing faced by industries, engineers and makers through its machines and aid the growth of small-scale and mid-scale entrepreneurs by equipping them with affordable machines.
Advertisements