VC Fund Investments
Precision engg player Ethereal Machines attracts $7.3 M from Surge, Blume, others
Bengaluru-based engineering hardware startup Ethereal Machines has raised USD 7.3 million in a funding round that saw participation from the Surge program of Peak XV Partners (formerly Sequoia India) and Blume Ventures. Finvolve, 9Unicorns, Venture Catalysts and T2D3 Capital also participated in the round. The round also saw participation from Ganapathy Subramaniam, Partner at Celesta Capital; Mathew Cyriac, former Head of Blackstone India, and Lip-Bu Tan, Executive Chairman of Cadence Design Systems. The startup plans to use the fresh capital to build factories across India to manufacture essential precision engineering components. Founded in 2014 by Mudda and Navin Jain, Ethereal Machines produces computer numerical control (CNC) machines. These machines are used in milling works, enabling engineers to create prototypes and commercial products.
From the Venture Intelligence PE-VC Deal Database: In Jan-19, Ethereal had raised USD 1 M from Blume Ventures.(Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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