On Thursday, advanced manufacturing startup Ethereal Machines announced it has secured $13 million in a Series A funding round led by Peak XV Partners and Steadview Capital.
The round also included participation from existing investors Blume Ventures, Enam Investments, and Sandeep Singhal.
“This funding will enable us to enhance our R&D efforts and expand our production capabilities, positioning India as a global leader in precision manufacturing,” said Kaushik Mudda, Co-founder of Ethereal Machines, in a statement.
“Our goal is to bolster India’s GDP, strengthen infrastructure, boost exports, and create numerous job opportunities, driving the nation towards unmatched global competitiveness,” he added.
 The startup specializes in developing proprietary multi-axis Computer Numerical Control (CNC) machines in India, which are used to manufacture precision parts for the aerospace, healthcare, and consumer electronics industries.
“We firmly believe in the growth potential of precision manufacturing, as it is crucial to many of India’s key development areas,” said Shailesh Lakhani, MD of Peak XV.
 Ethereal Machines recently inaugurated its newest ‘Smart Factory’ in Peenya, Bengaluru, which spans 50,000 square feet and operates around the clock with a range of automated machines producing precision parts.
Over the past 12 months, the startup has experienced a 4x increase in revenue and a 3x growth in production capacity.
