Mudda aims to make India global leader in precision manufacturing
etherealmachines Private Ltd, a Deep-Tech manufacturing start-up from Bengaluru, says US$13 million raised through a Series A funding round is for research and development (R&D), building a multi-axis CNC controller, and to commence construction of its second “Smart Factory” within the next 12 months.
Th 250,000 sq ft factory, adjacent to the upcoming Foxconn honhai facility on the outskirts of Bengaluru, is to expand Ethereal production capacity, positioning India as a global leader in precision manufacturing.
Steadview Capital Mauritius Limited participated as one of the lead investors in the Series A round of funding for Ethereal. Other participants in the round included Peak XV Partners Investments VIII peakxv , Blume Ventures blume and Enam Investments enam , says Nishith Desai Associates, which acted as deal counsel for Steadview and advised them on legal, tax and regulatory aspects, including negotiation and finalization of the transaction documents bse .
“Our new Smart Factory will not only elevate our production capabilities but also support the growth of various industries by delivering high-quality, cost-effective precision components,” Kaushik Mudda, Co-founder of Ethereal Machines, said in a release 20 June 2024 nse .
“Our vision is to strengthen India’s GDP, fortify infrastructure, boost exports, and create numerous job opportunities, driving the country towards unmatched global competitiveness fieo .
“This fundraise will allow us to enhance our R&D initiatives and expand our production capacity, positioning India as a global leader in precision manufacturing makeinindia.”
The startup specializes in building proprietary multi-axis Computer Numerical Control (CNC) machines in India and utilises the CNC machines to manufacture precision parts for the aerospace, healthcare, and consumer electronics industries ibef .
Ethereal has recently inaugurated its latest 50,000 sq ft “Smart Factory” in Peenya, Bangalore, which operates 24×7 with a host of automated machines producing precision parts. Fiinews.com
