Xometry Raises $50M for On-Demand Parts Marketplace
New funding to back efforts to build out a platform connecting suppliers to businesses that need prototypes and small runs of parts, company says.
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May 14, 2019
Xometry, an on-demand manufacturing marketplace, has raised $50 million in equity funding, led by Greenspring Associates. Dell Technologies Capital will also participate in the round, along with all previous venture and strategic investors including BMW i Ventures, Foundry Group, GE Ventures, Highland Capital Partners, Maryland Venture Fund and Almaz Capital. Xometry has raised a total of $113 million to date.
“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,” says Randy Altschuler, co-founder and CEO of Xometry. “We're planning to invest these funds behind growth initiatives, product development and global expansion.”
Hunter Somerville, general partner for Greenspring Associates, will join Xometry’s board of directors. “Xometry has quickly become a key player in the $80 billion custom manufacturing market,” says Somerville. “We’re thrilled to invest in helping them expand the reach and breadth of their marketplace and the services it offers.”
“Xometry is yet another example of how machine learning based intelligent software is driving huge efficiency gains across many different industries,” says Daniel Docter, managing director of Dell Technologies Capital. “We look forward to helping Xometry expand into new verticals that leverage the expertise of Dell Technologies.”
Xometry’s growth has continued to accelerate and revenue has doubled in the past 12 months. Xometry also launched Xometry Supplies, providing the manufacturers in Xometry’s marketplace the materials and tools they need to manufacture parts faster and at lower costs.
Sources: Press materials received from the company and additional information gleaned from the company’s website.
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