Ethereal Machines Series B by Avataar Ventures & Peak XV

PE / VC 11 Jun 2026· $28.5 million (₹264.5 cr) · Completed· ✓ Verified

Ethereal Machines raised $28.5 million in Series B led by Avataar Ventures, with participation from Peak XV Partners and other investors. Since its $13 million Series A in June 2024, the company has grown its Machining-as-a-Service (MaaS) revenue threefold year-on-year and scaled production capacity tenfold. The board approved issuance of 29,214 Series B preference shares at ₹90,536 each per RoC filing. Post-allotment, Avataar holds 13.69%, Peak XV 16.36%, and co-founders retain 24.17%.

Why it mattersThe deployment of integrated tax, legal and due diligence support by a single advisory boutique (Aritra) signals investor preference for founder-centric counsel in capital-intensive deep-tech, whilst parallel representation of major LPs (JSA for Peak XV) demonstrates regulatory appetite for investor-side documentation on sub-$30m growth-stage rounds.
CounselAritra Partners, JSA Advocates & Solicitors
SectorTechnology
Value$28.5 million (₹264.5 cr)
[object Object][object Object][object Object][object Object][object Object][object Object][object Object][object Object]

Sources

Open in the live tracker →

Related deals