An inventive deep tech startup Ethereal Machines has elevated $13 million in a series A round directed by Peak XV Partners & Steadview Capital. The round also saw participation from the startup’s existing investor’s including Blume Ventures, Enam Investments & Sandeep Singhal.

The Funding round raised funds will used for research and development, making multi-axis CNC controllers and building its second smart factory in the following 12 months, Ethereal Machines shared in a press release. This new smart factory is projected to span around 25,000 square feet on the borders of Bengaluru.

Established by Navin Jain and Kaushik Mudda, a 10-years old startup manufactures accurate engineering components through its exclusive multi-axis CNC machines. Their machines allow the precision engineering components to be generated at very fast and affordable rates.

Ethereal Machines caters to the consumers from the USA, Israel, Europe and India. According to the company, it has manufactured precision components for a range of developing companies in the deep-tech sector such as drones, medical diagnostics, space-tech and thermal imaging.

In the month of June last year, the Bengaluru-headquartered startup gained $7.3 million from Peak XV’s Surge, Blume Ventures and others. And it stated that the company has recorded 4X surge in revenue and 3x increase in the total capacity for production in past 12 months.

According to the startup data intelligence platform, TheKredible, the losses of the startup also surged to Rs. 4.69 crore in the financial year 2023 from Rs. 2.6 crore in the preceding fiscal year.