New Delhi, Jun 13 (IANS): Advanced manufacturing startup Ethereal Machines on Thursday announced it has raised $13 million in a Series A round led by Peak XV Partners and Steadview Capital.

The round also saw participation from existing investors Blume Ventures, Enam Investments, and Sandeep Singhal.

"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," Kaushik Mudda, Co-founder of Ethereal Machines, said in a statement.

"Our vision is to strengthen India's GDP, fortify infrastructure, boost exports, and create numerous job opportunities, driving the country towards unmatched global competitiveness," he added.

The startup specialises in building proprietary multi-axis Computer Numerical Control (CNC) machines in India and utilises CNC machines to manufacture precision parts for the aerospace, healthcare, and consumer electronics industries.

"We have a strong belief in the growth of precision manufacturing as it underpins many of India’s priority areas of development," said Shailesh Lakhani, MD, Peak XV.

Ethereal Machines has recently inaugurated its latest ‘Smart Factory’ in Peenya, Bengaluru which spans 50,000 square feet.

It operates 24x7 with a host of automated machines producing precision parts.

Over the last 12 months, the startup has seen a 4x increase in revenue and a 3x growth in production capacity.