by Bengaluru-based industrial automation startup Ethereal Machines has raised $7.3 million in a Series A funding round led by Surge, the early-stage venture capital program of Peak XV Partners (formerly Sequoia India and Southeast Asia). The round also saw participation from Blume Ventures, Ganapathy Subramaniam of Celesta Capital, former Blackstone India head Mathew Cyriac, and executive chairman of Cadence Design Systems Lip-Bu Tan.
Ethereal Machines was founded in 2014 by Kaushik Mudda and Navin Jain. The company develops precision engineering components via its proprietary multi-axis CNC machines. The machines are used in a variety of industries, including aerospace, automotive, and electronics.
The fresh capital will be used to expand Ethereal Machines’ product portfolio, strengthen its go-to-market strategy, and increase its manufacturing capacity. The company plans to open new factories in India and the United States in the coming years.
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“We are excited to partner with Surge and Blume Ventures,” said Kaushik Mudda, co-founder and CEO of Ethereal Machines. “Their deep understanding of the Indian startup ecosystem and their network of investors will be invaluable as we scale our business.”
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“Ethereal Machines is building a disruptive technology platform that has the potential to transform the industrial automation space,” said Karthik Reddy, managing partner at Blume Ventures. “We are excited to partner with the team and support their growth journey.”
The funding round for Ethereal Machines is a sign of the growing interest in industrial automation startups. The market for industrial automation is expected to grow rapidly in the coming years, and Ethereal Machines is well-positioned to capitalize on this growth.
