Indian manufacturing firm Ethereal Machines has raised USD 28.5 million in a Series B funding round led by Avataar Ventures, with participation from Peak XV Partners and other investors.
The fresh funds will be used to expand manufacturing infrastructure, develop India’s first indigenous multi-axis CNC controller, strengthen its software stack, support semiconductor manufacturing initiatives, and accelerate international expansion across the US and Europe, according to a report by Entrackr.
The Bengaluru-based company designs and manufactures proprietary multi-axis CNC machines and offers precision component production through its Machining-as-a-Service (MaaS) platform. The company serves clients across aerospace, defence, healthcare, semiconductors, consumer electronics and other high-precision engineering sectors.
As part of its growth strategy, Ethereal Machines plans to build a 300,000-square-foot facility near Bengaluru under a previously signed MOU with the Karnataka government. The factor is expected to create over 2,000 jobs, the company said, according to a report by CNBC TV18.
“India has long had the engineering talent to lead in advanced manufacturing; what has been missing is deeply integrated industrial capability at global standards,” Kaushik Mudda, co-founder and CEO of Ethereal Machines, said, according to a report by Business Standard. “The world is actively looking for resilient alternatives in global manufacturing, and India has a once-in-a-generation opportunity to emerge as a serious deep-tech manufacturing powerhouse.”