Ethereal Machines, India's leading advanced manufacturing player, announced that it raised US $7.3 million, 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. Finvolve, 9Unicorns, Venture Catalysts and T2D3 Capital also participated in the round.
CNC machines are used widely across many industries as its precision milling works with a variety of raw materials to produce finished parts. However, they are extremely expensive and require high-quality engineering to operate in industrial applications. Ethereal's CNC machines use proprietary technology to help manufacturers achieve precision engineering components at scale and at a faster and more cost-effective rate.
Ethereal will then re-invest into building factories, allowing them to capture demand across the manufacturing value chain. On average, Ethereal's manufacturing solutions reduce costs for their customers by 30 per cent and production lead times by 40 per cent.
"For India to be a superpower, advanced manufacturing is key. 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. 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 of Ethereal Machines.