Bangalore-based Industrial Automation startup Ethereal Machines Pvt. Ltd, has raised $1 million (~ Rs 7 crore) in its pre-Series A round of funding led by early-stage venture capital firm Blume Ventures with contributions from PayU India managing director, Jitendra Gupta, and founders of Grey Orange Robotics – Samay Kohli and Akash Gupta, reported VC Circle.
The startup will use the fresh capital in expansion of its sales and distribution network in the domestic as well as international markets, improving its product portfolio and build relations with application partners.
Founded in 2014, by Kaushik Mudda and Navin Jain, Ethereal Machines solves problems related to manufacturing faced by industries, engineers and makers through its machines and aid the growth of small-scale and mid-scale entrepreneurs by equipping them with affordable machines.
Notably, Ethereal Machines was CES (Consumer Electronic Show) 2018’s Best of Innovation Award Honoree under 3D Printing category. The startup received the award fr its flagship product called ‘Ethereal Halo’, which the startup claims as the world’s first consumer oriented 5-axis 3-D printer and 5-axis CNC Mill. The Halo can equip an entire spectrum ranging from the hobbyist to the industrialist with quick prototyping and manufacturing abilities.
The startup, which specializes in technologies related to subtractive manufacturing and additive manufacturing, is recognized as a start-up under the Government of India’s ‘Start-up India’ and ‘Make in India’ scheme.
The startup makes its Hybrid concept manufacturing machines locally and says the machines are priced at roughly a third of those made by its likes.