Deeptech Startup Raises $13 Million for R&D, Smart Factory
Jun 13, 2024 14:46
Ethereal Machines, a deeptech startup, secures $13 million to build India's first multi-axis CNC controller and a new smart factory in Bengaluru.
New Delhi, Jun 13 (PTI) Deeptech startup Ethereal Machines on Thursday said it has raised USD 13 million (about Rs 108.6 crore) in a funding round led by Peak XV Partners and Steadview Capital.
The company plans to deploy the capital for Research & Development and set up its facility in Bengaluru.
The Series A funding round also saw participation from existing investors Blume Ventures, Enam Investments, and Sandeep Singhal.
The homegrown startup builds proprietary multi-axis computer numerical control (CNC) machines in India and utilises them to manufacture precision parts for the aerospace, healthcare, and consumer electronics industries.
"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 company's first smart factory in Peenya, Bengaluru caters to customers from the US, Europe, Israel, and India.
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