PE-VC Fund Investments
Manufacturing-tech startup Ethereal Machines to raise $28.5 M led by Avataar Venture
NewsBytes Entrackr Ethereal Machines
Bengaluru-based Ethereal Machines is to raise INR 264.5 crore (about USD 28.5 million) in a Series B round. The round is to be led by Avataar Venture Partners, with participation from Peak XV Partners, Novellus Systems, Sustained Innovations LLP, Eventures India Pvt Ltd, Shailesh Lakhani, and Indigo Circle Advisors.Founded in 2016 by Kaushik Mudda and Navin Jain, Ethereal Machines produces precision engineering components via its proprietary multi-axis CNC machines, which enable fast and cost-effective production.
Between Jan 2019 and Jun 2024, Ethereal Machines had attracted about USD 21 M from Blume Ventures, Peak XV Partners, Steadview Capital, Finvolve, and others.For FY24, Ethereal Machines had reported about INR 5 Cr in Operating Income and about INR 6 Cr in Net Loss.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
