On-demand manufacturing service Xometry has brought in a whopping $50 million through a recent funding round, which will enable it to expand its business. The company provides advanced manufacturing services, including additive manufacturing and CNC machining, to its customers in a range of industries.
The Series D funding round was led by Greenspring Associated and saw participation from GE Ventures, BMW i Ventures, Dell Technologies Capital, Foundry Group, Almaz Capital, Highland Capital Partners and Maryland Venture Fund—many of which were existing investors.
The additional capital will allow the Maryland-based company to advance its technology and marketplace, expanding its services significantly. In short, Xometry connects businesses with local manufacturers and machine shops that can fulfill their prototyping or small batch production needs. The company also comprises Xometry Supplies, which sells raw materials to manufacturers in its network.
“Xometry’s vast network, massive data sets and AI breakthroughs make it easier for engineers and designers to buy custom manufacturing and help manufacturers more efficiently operate their businesses,” said Randy Altschuler, co-founder and CEO of Xometry. “We’re planning to invest these funds behind growth initiatives, product development and global expansion.”
Since its founding in 2013, Xometry has raised $113 million through outside investment. In July 2018, the company acquired MakeTime, a leading on-demand manufacturing company, which broadened its scope significantly. At the time, MakeTime investor Foundry Group led a $25 million funding round to support the merged company, which also included investors Almaz Capital, BMW i Ventures, GE Ventures, Highlang Capital Partners and Maryland Venture Fund.
Presently, Xometry employs about 235 people and has doubled its revenue in the last 12 months. It is reportedly the largest marketplace for custom manufacturing, connecting customers with optimal manufacturing solutions through proprietary AI algorithms.
“Xometry is yet another example of how machine learning-based intelligent software is driving huge efficiency gains across many different industries,” commented Daniel Docter, Managing Director Dell Technologies Capital. “We look forward to helping Xometry expand into new verticals that leverage the expertise of Dell Technologies.”
“Xometry has quickly become a key player in the $80B custom manufacturing world,” said Hunter Somerville, General Partner for Greenspring Associates and new member of Xometry’s Board of Directors. “We’re thrilled to invest in helping them expand the reach and breadth of their marketplace and the services it offers.”