Xometry Secures $15 Million in Investment Funding to Drive Its 3D Printing and Manufacturing Platform
On-demand manufacturing and 3D printing service provider Xometry, headquartered in Maryland, got its start back in 2014, and is working to transform manufacturing in the US with its proprietary machine learning-based software platform. This platform offers a range of on-demand manufacturing services, including 3D printing and CNC machining, to a wide variety of customers, ranging from Fortune 100 companies to startups. In 2015, the company began offering product engineers streamlined ordering of 3D printed custom parts, and last year integrated with SOLIDWORKS in order to enhance its one-stop manufacturing platform.
This year, Xometry, which has been continuing its rapid market expansion, has tripled its bookings from the same time period a year ago, and has expanded its manufacturing capacity by over five times since the end of 2016. The company recently eclipsed 5,000 customers from various sectors, including aerospace, automotive, consumer, industrial, and medical devices, and named 3D software veteran and former Geomagic president Tom Kurke as its new Chief Strategy Officer in September.
Today, Xometry announces that it has secured $15 million in investment funding to continue driving its manufacturing platform. BMW’s corporate venture capital team BMW i Ventures led the funding round, and existing investors also participated, including venture capital firm Highland Capital Partners and GE Ventures, which combines equity investing, new business creation, licensing, and technology transfer to deliver its own growth-driving platform for GE and its partners; it also participated in Xometry’s most recent round of investment funding in February.
“We’re particularly pleased to see two of our key customers leading this round of $15MM, especially brands like BMW and GE who are known for their high quality products,” Bill Cronin, Senior Vice President of Sales and Marketing for Xometry, told 3DPrint.com.
“We’ll be focused on further enhancing our market-leading software platform, making it even easier for engineers and designers to build the exact parts they need.”
This latest round of funding, which brings the total raised to $38MM, will speed up Xometry’s investment in its sales organization, machine learning-based software platform, and manufacturing partner network.
Randy Altschuler, CEO and Co-Founder of Xometry, said, “We’re thrilled to partner with BMW i Ventures and deepen our relationship with General Electric. We’re accelerating our efforts to provide additional features to our online platform, making it easier for engineers and procurement managers to conveniently order a wide range of parts delivered by our expanding network of hundreds of manufacturers across the nation.”
Several top global manufacturers, including BMW and GE, are using Xometry’s proprietary platform to make the purchase of custom manufactured parts easier, and also to make efficient price transparency a part of the company procurement practices.
“We’re thrilled to continue to expand our relationship with Xometry,” said Ralph Taylor-Smith, Managing Director of Advanced Manufacturing for GE Ventures. “Its easy-to-use interface is being deployed across GE business units to deliver high quality parts to a number of industries.”
In addition to participating in Xometry’s funding round, BWM i Venture announced that its Partner, Zach Barasz, will be joining the company’s board of directors, which corresponds appropriately with the expanded relationship between the two companies.
Barasz said, “Xometry is well-positioned to continue its rapid growth based on the strength of its software platform, extensive manufacturing network and seasoned management team. They quickly deliver quality custom parts to businesses of all sizes, including BMW.”
Discuss in the Xometry forum at 3DPB.com.
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