Ethereal Machines Secures $13 Million in Series A Funding to Accelerate Growth

Preeti Bali / 7:07 am / June 14, 2024

Ethereal Machines, a leading innovator in the advanced manufacturing space, has secured $13 million in its Series A funding round. The round was spearheaded by investment firms Peak XV Partners and Steadview Capital, with participation from existing investors Blume Ventures, Enam Investments, and Sandeep Singhal.

Investing in R&D and Expansion

This infusion of capital will push Ethereal Machines’ obligation to innovative work (Research and development). The assets will be decisively designated towards the improvement of cutting edge multi-pivot CNC regulators, a center innovation driving the organization’s high-accuracy machines. Furthermore, a critical piece of the financing will be coordinated towards the development of Ethereal’s second “shrewd plant” on the edges of Bengaluru. This extensive office will incorporate an impression of 250,000 square feet, fundamentally reinforcing the organization’s creation limit.

A Decade of Precision Engineering Expertise

Founded by Kaushik Mudda and Navin Jain, Ethereal Machines boasts a decade of experience in the field of precision engineering. The company leverages its proprietary multi-axis CNC machines to manufacture high-accuracy components at an accelerated pace and reduced cost compared to traditional methods. This innovative approach has garnered a global customer base spanning the USA, Europe, Israel, and India. Ethereal has played a crucial role in supporting numerous emerging companies within the deep-tech sector, including those focused on space technology, drones, medical diagnostics, and thermal imaging.

Delivering Measurable Value

Ethereal Machines estimates that its advanced manufacturing solutions deliver a substantial cost advantage to its customers, typically reducing costs by 30% and production lead times by 40%. Furthermore, the company recently unveiled two new machines, Aura and Nimbus, further solidifying its position at the forefront of precision engineering technology.

Exponential Growth Trajectory

Headquartered in Bengaluru, Ethereal Machines has witnessed a remarkable growth spurt in the past year. The company reports a staggering 400% increase in revenue and a 300% increase in production capacity over the past 12 months. This impressive performance comes on the heels of a $7.3 million funding round secured in July 2023, led by Peak XV’s Surge and Blume Ventures.

Building on a Strong Foundation

While monetary information demonstrates an ascent in income from Rs 60 lakh in FY22 to Rs 2.30 crore in FY23, the organization’s misfortunes have likewise expanded, arriving at Rs 4.69 crore in FY23 contrasted with Rs 2.6 crore in the earlier year. Notwithstanding this, the significant Series A subsidizing round and the organization’s noteworthy development direction propose Ethereal Machines is strategically set up for proceeded with progress in the high level assembling scene.

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