Ethereal Machines, a manufacturer of precision engineering parts, Monday announced that it has secured funding of $7.3 million from Peak XV’s Surge, Blume Ventures, Ganapathy Subramaniam, 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.
Finvolve, 9Unicorns, Venture Catalysts and T2D3 Capital also joined the round, the startup 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,” said Kaushik Mudda, co-founder of Ethereal Machines.
Founded in 2014 by Kaushik Mudda and Navin Jain, Ethereal Machines produces precision engineering components via its proprietary multi-axis CNC machines. The company aims to capture growth opportunities in India’s manufacturing sector, which accounts for 17% of the nation’s GDP and employs over 27.3 million workers.
INDIA DEAL MONITOR
Here are the prominent venture capital transactions in India announced from July 19-25, 2023.