Ethereal Machines is an advanced manufacturing startup that secured $13 million in its series A  funding round led by Steadview Capital and Peak XV Partners. The funding round saw participation from existing investors including Blume Ventures, Sandeep Singhal, and Enam Investments. The startup  plans to use the fund for its Research & Development and to enhance its technologies.  

The company will use these fresh proceeds to develop multi-axis CNC controllers. The firm also plans  to launch a 250,000 square-foot smart factory in Bengaluru in a year. Ethereal Machines was founded  by Navin Jain and Kaushik Mudda to develop and offer engineering components via its multi-axis CNC  machines, that provide precision components at affordable and fast producing rates. The company is  planning to aim for network expansion, as of now it provides its products in Europe, the USA, Israel,  and India. The company has supplied precision engineering components to various companies in the  sector including drones, space-tech, thermal imaging, and medical diagnostics. 

Image source: etherealmachines.com 

This Bengaluru-based startup offers manufacturing solutions and has recently introduced two new  machines Nimbus and Aura. The firm reported a four-times increase in its revenue and a three-time increase in its production capacity, last year. The company previously secured a $7.3 million fund from  Blume Ventures, Peak XV partners, and others. The startup remains focused on its product  development.  

The startup data intelligence platform, The Kredible mentioned Blume Ventures as the largest external  stakeholder of the company with more than 18 percent stake followed by Surge Ventures which owns  over 17 percent stake. The startup reported an increase in its revenue to Rs 2.30 crore in FY23  compared to Rs 60 lakh in FY22. The loss also increased to Rs 4.69 crore in FY23 compared to the  previous financial year.  

Conclusion: 

The Advanced manufacturing startup, Ethereal Machines has secured $13 million in its series A round  led by Steadview Capital and Peak XV partners. The startup aims to use these fresh proceeds to  enhance its CNC controller and product development. This round was led by Peak XV and Steadview and had the participation of existing investors including Blume Ventures, Sandeep Singhal, and Enam  Investments. The startup provides precision engineering components with fast production and  affordable rates. The startup plans to use this fresh capital to develop multi-axis CNC controllers. The  firm also plans to launch a 250k square-foot smart factory in a year. Ethereal Machines was founded  by Navin Jain and Kaushik Mudda to develop and offer engineering components via its multi-axis CNC  machines, which provide precision components. The company is planning to aim for network  expansion, as of now it provides its products in Europe, the USA, Israel, and India. The company has  supplied precision engineering components to various companies in the sector including drones,  space-tech, thermal imaging, and medical diagnostics. After this round, Blume Ventures remains the  largest external stakeholder of the company with more than 18 percent stake followed by Surge  Ventures with 17 percent.