Led by Greenspring Associates, Xometry has just announced $50MM raised in equity funding. Also funding the on-demand manufacturing marketplace are:
- Dell Technologies Capital
- BMW i Ventures
- Foundry Group
- GE Ventures
- Highland Capital Partners
- Maryland Venture Fund
- Almaz Capital
Founded in 2014 as a manufacturing startup and headquartered in Maryland, Xometry has now raised a total of $113MM, leading us to wonder how they will designate these funds in relation to research and development—a question answered succinctly by Randy Altschuler, co-founder and CEO of Xometry:
“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. We’re planning to invest these funds behind growth initiatives, product development and global expansion.”
Allowing for everyone to benefit from custom manufacturing, Xometry has created a successful building model for being able to produce smaller, detailed numbers of parts for consumers rather than requiring mass orders due to profitability requirements like most product manufacturers today—and especially those still using more conventional methods aside from 3D printing and additive manufacturing. The Xometry team is able to meet on-demand needs for parts to a customer base spanning from startups to Fortune 100 companies.
“Xometry has quickly become a key player in the $80B custom manufacturing market,” said Hunter Somerville, General Partner for Greenspring Associates, who will also join 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.”
- 3D printing services
- Traditional CNC machining processes
- Sheet metal fabrication
- Injection molding
- Die casting
- Urethane casting
“Xometry is yet another example of how machine learning based intelligent software is driving huge efficiency gains across many different industries,” said Daniel Docter, Managing Director Dell Technologies Capital. “We look forward to helping Xometry expand into new verticals that leverage the expertise of Dell Technologies.”
Their growth has continued at rapid speed, with revenue doubling in just the past year. The Xometry team has also created a spin-off with Xometry Supplies—meant to offer Xometry customers with materials and tools for manufacturing more rapidly, and affordably.
We have been following Xometry’s 3D printing progress for years, since they transformed from NextLine Manufacturing into their current and dynamic state, as the largest custom manufacturing marketplace available to consumers today. From streamlining the way engineers order 3D printed parts to changing the rules in manufacturing and even guiding us in choosing the best 3D printing materials, Xometry is geared toward making life easier for engineers and designers, catering to their specific needs.
What do you think of this news? Let us know your thoughts! Join the discussion of this and other 3D printing topics at 3DPrintBoard.com.[Source / Images: Xometry]
You May Also Like
The Slow 3D Printing Software Revolution with Materialise
While attending RAPID + TCT a few weeks ago, I sat down with Bryan Crutchfield, the Vice President and General Manager – North America at Materialise (NASDAQ: MTLS), to discuss...
Watch ‘The Throne’: 3D Printed Toilets Could Be a Huge Boon to Areas Lacking Sanitation
One of the biggest challenges to addressing an issue like the environmental impact of the toilet is that people don’t really like talking about going to the bathroom. Of course,...
In-Space Metal 3D Printing from Incus to Be Tested by ESA
Crewed moon missions may still be years away, but space agencies are getting ready for the day when humans will once again explore the lunar surface, driving discovery, innovation, and...
Metal 3D Printing Sustainability to Be Studied by Yale via $100K AMGTA Grant
“Industrial ecology” might sound like an oxymoron, but it’s also an extremely important framework for estimating the long-term sustainability of the business models fundamental to any economy’s critical infrastructure. Yale’s...
View our broad assortment of in house and third party products.