We are discussing Ethereal Machines Secured $13 Million in its Series A Round Led by Steadview Capital and Peak XV Partner:
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. Existing investors, including Blume Ventures, Sandeep Singhal, and Enam Investments, participated in the round. The startup plans to use the funds for Research and 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, which provide precision components at affordable and fast-producing rates. The company plans to expand its network; 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.
This Bengaluru-based startup offers manufacturing solutions and has recently introduced two new machines, Nimbus and Aura. The firm reported a four-time increase in revenue and a three-time increase in 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 of the shares, followed by Surge Ventures, which owns over 17 percent of the shares. 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 involved 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 plans to expand its network; 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, which has 17 percent.
