Ethereal Machines Announces $7.3 Million Funding The fresh round of funds will be used to build factories across India to manufacture crucial precision engineering components
By Teena Jose
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Ethereal Machines, an advanced manufacturing player, has announced a funding round of $7.3 million, which saw participation from Peak XV's Surge, Blume Ventures, Ganapathy Subramaniam, partner at Celesta Capital; Mathew Cyriac, the former head of Blackstone India; and Lip-Bu Tan, executive chairman of Cadence Design Systems and chairman of Walden International. The fresh round of funds will be used to build factories across India to manufacture crucial precision engineering components.
"India needs to ace the amalgamation of both hardware and software to achieve excellence in precision machining, the foundation of large-scale industrialization and to be known as a global manufacturing powerhouse. Ethereal Machines is in a unique position to build supply chain resiliency and increase productivity across key manufacturing factors, and we're committed to developing India's manufacturing value chains to reach global competitiveness. The new funds will enable us to scale our operations and cater to more high-end engineering applications locally and internationally," said Kaushik Mudda, co-founder, Ethereal Machines.
The Indian government also continues to push to position India as a global manufacturing hub via several initiatives, such as Make in India, China+1 and the Production-Linked Incentives (PLI), moving towards more automated and process-driven manufacturing. As such, Ethereal's advanced precision machining capabilities will cater to high-growth industries where demand for more high-end precision components is increasing, said the company in an official statement.
Founded in 2014 by Kaushik Mudda and Navin Jain, Ethereal Machines is an advanced manufacturing player that builds proprietary multi-axis Computer Numerical Control (CNC) machines in India and uses them to manufacture precision parts for the aerospace, defence, automobile and healthcare industries.
