Advanced manufacturing is rapidly gaining prominence in the global industrial landscape, and Indian startups are seizing the opportunity to lead the charge. Ethereal Machines and Ati Motors, two Bengaluru-based startups, have recently raised substantial funding to fuel their ambitions in the precision engineering and robotics technology sectors, respectively.

Ethereal Machines raises $7.3 million in ore-Series A funding round

Ethereal Machines, a advanced manufacturing startup, has successfully raised $7.3 million in a pre-Series A funding round. The funding was led by Peak XV’s Surge, Blume Ventures, and several prominent angel investors.

With the newly acquired funds, the company plans to scale up its operations and establish multiple manufacturing hubs, including one in India and another in the United States, within the next two years.

Kaushik Mudda, Co-founder of Ethereal Machines, emphasised the pivotal role advanced manufacturing plays in India's journey to becoming a superpower. He stated, "We believe that for India to become a superpower, advanced manufacturing or precision machining is extremely crucial." Moreover, he pointed out that India's attractiveness as an alternative to Chinese manufacturing is gaining traction, with Europe and the US showing increasing interest in the country's capabilities.

Ethereal Machines' strategic plan also involves tapping into the burgeoning drone industry. Mudda revealed, "The drone industry is an upcoming market for Ethereal Machines, with an expected spending of Rs 5 lakh crore in the defence and aerospace sectors over the next 7 years."

Ati Motors secures $10.85 million in Series A funding round

Ati Motors, an innovative robotics technology startup, recently concluded its Series A funding round, raising $10.85 million. Silicon Valley's True Ventures led the funding, with participation from Athera Venture Partners, Blume Ventures, Exfinity Ventures, and MFV Partners.

Ati Motors' primary focus lies in automating industrial environments and warehouses through its advanced robotics technology. The funding infusion will enable the company to accelerate the development and deployment of its cutting-edge solutions across the United States, South East Asia, Japan, and Europe.

The company plans to allocate a significant portion of the funds to research and development efforts aimed at building new products and enhancing existing capabilities.

First Published:Jul 26, 2023 8:54 PM IST