Founded in 2014 by Mudda and Navin Jain, the startup manufactures computer numerical control (CNC) machines
Ethereal is planning to use the funds to set up factories across India
The machines produced by the startup uses proprietary technology to ease out the manufacturing processes of its clients
Deeptech-based manufacturing startup Ethereal Machines has raised $7.3 Mn funding from Peak XV Partners’ Surge and Blume Ventures. The round also saw participation from a host of angel investors including Ganapathy Subramaniam, partner at Celesta Capital, Mathew Cyriac, former head of Blackstone India, and Lip-Bu Tan, executive chairman of Cadence Design Systems and chairman of Walden International.
Founded in 2014 by Mudda and Navin Jain, the Bengaluru-based startup manufactures computer numerical control (CNC) machines which helps automate movement and operations of machine tools through computerised data.
According to a Moneycontrol report, the startup is planning to use the funds to set up factories across India. Further Kaushik Mudda, cofounder, Ethereal Machines said, “The new funds will enable us to scale our operations and cater to more high-end engineering applications locally and internationally.”
Ethereal said to the publication that the machines produced by it uses proprietary technology to ease out the manufacturing processes of its clients.
Further, the startup claims that it re-invests into building factories that produce these precision engineering components, allowing them to capture demand across the manufacturing ecosystem.
Further its machines cater to aerospace, defence, automobile and healthcare industries of the country.
Deeptech startups have emerged as significant players amid the era of increased automation across every sector.
In May this year, deeptech startup ZestIoT bagged $6.5 Mn to double down on AI-driven automation to reduce aircraft turnaround time.
During the same period, yet another deeptech startup Doppelio bagged $1.2 Mn to offer device virtualisation, simulation and test automation features allowing clients to test comprehensively with speed and reduce dependence on field trials.
Also in May, AI deeptech startup WorkHack bagged $1.5 Mn to help enterprises deploy AI technology.
