Indian deeptech startup Ethereal Machines raises $7.3m

Ethereal Machines co-founder Kaushik Mudda / Photo credit: Ethereal Machines

Investors such as Peak XV’s Surge, Blume Ventures, and Mathew Cyriac, former head of Blackstone India, have backed the US$7.3 million round of India-based Ethereal Machines.

Based in Bangalore, Ethereal Machines uses proprietary Computer Numerical Control machines, such as drills and mills, to produce precision engineering components for aerospace, automobile, and healthcare use.

The company said that its offerings reduce costs by 30% and production lead times by 40%.

Funding details

• Funding amount: $7,300,000
• Other investors: Peak XV’s Surge, Blume Ventures, Ganapathy Subramaniam, Mathew Cyriac, Lip-Bu Tan,  Finvolve, 9Unicorns, Venture Catalysts and T2D3 Capital
• Stage: Pre-series A
• Source

Ethereal Machines will use the funds to establish more factories across India, adding to the one it currently has in Bangalore.

“For India to be a superpower, advanced manufacturing is key,” Kaushik Mudda, co-founder of Ethereal Machines. said in a statement. “The new funds will enable us to scale our operations and cater to more high-end engineering applications locally and internationally.”

India’s manufacturing sector contributes 17% of the nation’s GDP and provides employment to over 27.3 million people.

See also: These are the most active investors in India’s startups

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