Ethereal Machines, maker of multi-axis Computer Numerical Control (CNC) machines, on Monday said it had raised $7.3 million in a funding round from various investors, including Peak XV’s Surge and Blume Ventures.
Celesta Capital partner Ganapathy Subramaniam, former Blackstone India head Mathew Cyriac, and executive chairman of Cadence Design Systems Lip-Bu Tan, along with Finvolve, 9Unicorns, Venture Catalysts and T2D3 Capital also participated in the round, as per a statement.
Motion in four or more directions is possible when using a multi-axis machining machine with Computer Numerical Control (CNC). This helps manufacture the precision parts used in the aerospace, defense, automotive, and healthcare sectors.
CNC machines are typically expensive for industrial applications and call for top-notch engineering. According to Ethereal Machines, its proprietary technology enables manufacturers to achieve precision engineering components at scale, more rapidly and affordably.
“On average, Ethereal’s manufacturing solutions reduce costs for their customers by 30% and production lead times by 40%. Ethereal’s first factory is based out of Bangalore, India. These factories will be a one-stop solution for manufacturers. from their design to prototype to production stages,” the statement added.
“The new funds will enable us to scale our operations and cater to more high-end engineering applications locally and internationally,” Kaushik Mudda, co-founder of Ethereal Machines, said in the statement. The company was founded in 2014 by Mudda and Navin Jain.
