Ethereal Machines, manufacturer of multi-axis Computer Numerical Control (CNC) machines said it has raised $7.3 million in a funding round from various investors, including Peak XV’s Surge and Blume Ventures.

Celesta Capital partner Ganapathy Subramaniam, former Blackstone India head Mathew Cyriac and executive chairman of Cadence Design Systems Lip-Bu Tan, along with Finvolve, 9Unicorns, Venture Catalysts and T2D3 Capital also participated in the round, as per a statement.

Multi-axis machining machines operating with Computer Numerical Control (CNC) allow for motion in four or more directions. This helps in manufacturing of the precision parts that are used in the aerospace, defence, automobile and healthcare industries.

CNC machines are typically expensive and require high-quality engineering to operate in industrial applications. Ethereal Machines claims to use proprietary technology to help manufacturers achieve precision engineering components at scale and at a faster and more cost-effective rate.

“On average, Ethereal’s manufacturing solutions reduce costs for their customers by 30% and production lead times by 40%. Ethereal’s first factory is based out of Bangalore, India. These factories will be a one-stop solution for manufacturers. from their design to prototype to production stages,” the statement added.

“The new funds will enable us to scale our operations and cater to more high-end engineering applications locally and internationally,” Kaushik Mudda, co-founder of Ethereal Machines, said in the statement. The company was founded in 2014 by Mudda and Navin Jain.