The advance machine manufacturing startup Ethereal Machines has raised $13 million in a Series A round which was led by Peak XV Partners and Steadview Capital. Their existing partners shows interest and also participated in this round. (Existing investors Blume Ventures, Enam Investments, and Sandeep Singhal)
The new fund which is raised is going to be utilised in Research and Development building multi-axis CNC controllers and constructing its second smart factory in the next 12 months, Ethereal said in a press release. This new factory will span 250,000 square feet on the outskirts of Bengaluru.
The company was founded by Kaushik Mudda and Navin Jain . The company produces precision engineering components via its proprietary multi-axis CNC machines. Its machines enable precision engineering components to be produced at fast and cost-effective rates.
[wp-rss-aggregator limit=”2″]
Not, only in India Ethereal caters to customers from the USA, Europe, Israel . As per the company, it has manufactured precision components for many emerging companies in the deep-tech sector, including space-tech, drones, medical diagnostics, and thermal imaging.
On average, Ethereal’s manufacturing solutions claim that it reduces costs for their customers by 30% and production lead times by 40%. The company also launched two new machines, Aura and Nimbus .
The startup claims that it has seen a 4x increase in revenue and a 3x increase in production capacity in the last 12 months. It is based in Bengaluru.
[wp-rss-aggregator]
Ethereal Machines had raised $7.3 million from Peak XV’s Surge, Blume Ventures and others in July last year. As per startup data intelligence platform TheKredible, Blume was the largest external stakeholder in the company as of the last funding round with over 18% stake followed by Surge Ventures which controls more than 17% stake.
Ethereal Machines reported Rs 2.30 crore in revenue from operations in FY23 against Rs 60 lakh in FY22. According to TheKredible, The company’s losses also increased to Rs 4.69 crore in FY23 from Rs 2.6 crore in the previous fiscal year.
visit:gamicaltech.com