An advanced manufacturing company, Ethereal Machines, has secured $7.3 million in funding. Peak XV’s Surge, Blume Ventures, Ganapathy Subramaniam, a 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, all participated in the round.
The latest round of funding will be used to construct facilities across India that will produce essential components for precision engineering, as reported by Bwdisrupt.com
“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. Ethereal Machines is in a unique position to build supply chain resiliency and increase productivity across key manufacturing factors, and we’re committed to developing India’s manufacturing value chains to reach global competitiveness. 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.
The primary business of Ethereal is supplying the aerospace, defence, automotive, and healthcare sectors with critical precision engineering parts. These sectors have been highlighted as potential growth areas in India and require precise machining; for example, spending on the aviation and defence industries is expected to increase fivefold by 2047 to reach INR 5 lakh crores.
About Ethereal Machines
In 2014, Kaushik Mudda and Navin Jain established Ethereal Machines. Precision engineering parts are produced using Ethereal Machines more quickly and/or less expensively. Since 2014, they have been constructing multi-axis CNC machining platforms using exclusive technologies. They serve the defence, aerospace, healthcare, and electronics industries and have the necessary certifications in place.