Xometry, a Maryland-based on-demand manufacturing and 3D printing service, has raised $50 million in equity funding. The funding round was led by Greenspring Associates, a venture capital firm in Maryland.
Randy Altschuler, co-founder and CEO of Xometry, said, “We’re planning to invest these funds behind growth initiatives, product development and global expansion.”
“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.”
Founded in 2013, Xometry is one of the largest on-demand manufacturing services with 2,500 manufacturing partners all over the U.S.
Xometry is known for its Instant Quoting Engine which uses machine learning to analyze the geometrical structure of the uploaded parts. Furthermore, it also studies the part to evaluate its design for manufacturability (DFM). The Instant Quoting Engine also includes SOLIDWORKS and Autodesk Inventor add-ons which can provide users with cost analysis and manufacturability feedback.
With customers like BMW, GE and NASA, Xometry has been growing rapidly. In 2017 Xometry raised $15 million. In 2018 Xometry acquired the on-demand manufacturing service MakeTime, and raised another $25 million.
Now with the latest funding, Xometry hopes to expand its market base further.
General Partner for Greenspring Associates, Hunter Somerville said, “Xometry has quickly become a key player in the $80B custom manufacturing market […] We’re thrilled to invest in helping them expand the reach and breadth of their marketplace and the services it offers.”
Going forward, Somerville will also sit on Xometry’s Board of Directors.
On-demand manufacturing and AI
In the latest funding round, Dell Technologies Capital participated with previous investors of Xometry, which include BMW i Ventures, GE Ventures, Boston-based Highland Capital Partners, Maryland Venture Fund, Colorado-based Foundry Group and Almaz Capital from California. With the closure of this round, Xometry’s total funding now amounts to $113 million.
Daniel Docter, Managing Director Dell Technologies Capital, said, “Xometry is yet another example of how machine learning based intelligent software is driving huge efficiency gains across many different industries.”
“We look forward to helping Xometry expand into new verticals that leverage the expertise of Dell Technologies.”
Furthermore, Xometry has also launched a new initiative called, Xometry Supplies, a shop for buying custom cut Aluminum 6061-T6 tools.
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Featured image shows an array of on-demand parts created by Xometry. Image via Xometry.