Xometry Announces MakeTime Acquisition, $25M Funding, Updated Instant Quoting Engine
In the five years it has been in business, Xometry has grown to become the largest on-demand manufacturing platform, with 3D printing playing a significant role in its success. Now the company is growing even further as it has acquired MakeTime, another leading on-demand manufacturing company. Thanks to the acquisition, Xometry’s partner network of manufacturers will grow from 1,110 to more than 2,300. It will also benefit from MakeTime’s enterprise product expertise as well as its Autodesk Fusion add-in and Shop Advantage program.
Meanwhile, MakeTime’s customers will now have access to more manufacturing technologies, including 3D printing, injection molding and urethane casting. They will benefit from faster lead times, better pricing and more capabilities. The merger will create the manufacturing industry’s largest single platform, with more than 10,000 customers and offices in Maryland and Kentucky.
The combined company will continue to do business under the Xometry name. Drura Parrish, MakeTime Founder and CEO, will become Xometry’s Executive Vice President for Platform.
“We’re excited at the prospect of joining forces with Xometry,” said Parrish. “We’ve both been building the future of manufacturing, and now we will be able to offer small- and medium-sized manufacturers access to more jobs, more opportunities for growth and advanced products to power their businesses.”
MakeTime’s investor Foundry Group will lead a new $25 million funding round for the newly merged company. Additional participants in the funding include:
Xometry has now raised a total of $63 million, having secured $15 million last year.
“We’re thrilled to combine Xometry’s online manufacturing platform with MakeTime’s proven success in building a distributed network of over 1,000 manufacturers,” said Randy Altschuler, Co-Founder and CEO of Xometry. “This acquisition will provide our customers with access to massive capacity through the industry’s largest distributed manufacturing network as well enhanced product features.”
Foundry Group’s Seth Levine will also join Xometry’s Board of Directors.
“We are thrilled to help Xometry capture greater share of the $80+ billion on-demand manufacturing marketplace,” said Levine. “By combining both MakeTime’s complementary technology and partner network to that of Xometry’s, we can accelerate platform development and revenue growth to the benefit of both our customers and network partners.”
Xometry has been seeing outstanding success lately; in the first five months of 2018, the company more than doubled its revenues and bookings compared to the same period in 2017.
It also recently introduced a new version – Version 3.0 – of its Xometry Instant Quoting Engine, with several new and enhanced features to provide customers with instant quotes for 3D printing, CNC machining, sheet metal fabrication, and urethane casting.
New features include:
- A redesigned summary view, which helps users quickly review the process, material, finish, and other requirements for each part in their quote. If a requirement needs modification, users can change it with the “modify part” button.
- Instant design feedback displayed directly on the 3D model. Users can also easily upload drawings to help identify manufacturing requirements such as tolerances, threads and critical dimensions.
- Part specifications in one place: users can now use the right side of the modification screen to specify all part requirements and can scroll down to see all of their modifications in one place.
“We are focused on creating a seamless buying experience for our customers. Using customer feedback, we made our quoting interface even more intuitive and efficient,” said Hunter Guerin, Product Manager for the Xometry Instant Quoting Engine. “We want to make it as easy as possible for engineers and procurement managers to generate quotes.”
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