Indian Startup Ethereal Machines Raises Rs 108.6 Crore
The 'Series A' funding round included contributions from existing investors such as Blume Ventures, Enam Investments, and Sandeep Singhal.
Ethereal Machines, a deeptech startup, announced on Thursday that it has secured $13 million, or approximately Rs 108.6 crore, in a funding round spearheaded by Peak XV Partners and Steadview Capital. The firm intends to utilise the funds for research and development and to establish its facility in Bengaluru.
The 'Series A' funding round included contributions from existing investors such as Blume Ventures, Enam Investments, and Sandeep Singhal.
"The funds from this round will be utilised for research and development, building India's first multi-axis CNC controller and to commence construction of its second 'Smart Factory' within the next 12 months."
"This new facility will span 2,50,000 square feet on the outskirts of Bengaluru, adjacent to the upcoming Foxconn facility," the Bengaluru-based company said in a statement.
The local startup develops proprietary multi-axis computer numerical control machines in India, which are employed to produce precision components for industries such as aerospace, healthcare, and consumer electronics.
The company's first smart factory in Peenya, Bengaluru, caters to customers from the US, Europe, Israel, and India.
(With text inputs from PTI)
