First announced in May 2019, Xometry’s most recent venture funding is led by Maryland’s Greenspring Associates, and has already seen the investment of Dell Technologies Capital, BMW i Ventures, Foundry Group, GE Ventures, Highland Capital Partners, Maryland Venture Fund and Almaz Capital.
With RBVC’s added capital, the total raised in this round is now $55 million. The money will be used to support the growth of the company’s customer base, product development and global expansion. Randy Altschuler, co-founder and CEO of Xometry, comments, “Global expansion is one of our key upcoming initiatives and we look forward to leveraging Bosch’s deep manufacturing expertise as we launch in Europe.”
Xometry’s Manufacturing Partner Network
Focusing its efforts first on manufacturing in the U.S., over the past six years Xometry has grown a Manufacturing Partner Network of more than 2,500 companies across all 50 states. Through these partners, Xometry is able to provide timely CNC machining, additive manufacturing, casting, injection molding, stamping and sheet metal services to businesses on an as-needed basis.
In 2018, two of the company’s manufacturing partners became the first to generate $1 million in sales through being part of the platform. One was metal and plastic machining specialist PT&R, Inc., the other chose not to be named.
The company’s Instant Quoting Engine is one of the ways in which it facilitates access to manufacturing services. This tool was highlighted in official comment from Ingo Ramesohl, Managing Director of Series D investor RBVC, in relation to the company’s investment. According to Ramesohl, the engine “helps drive efficiency” of production services.
Expansion in Europe
Since Xometry was founded in 2013, it has raised a grand total of $118 million from investors, including $15 million in a round led by Series D contributor BMW i Ventures. Some of the money it has gained to date was contributed to the acquisition of fellow manufacturing platform MakeTime in July 2018.
As stated by Altschuler, the plan now is for Xometry to expand into Europe. As the venture capital arm of German multinational engineering and technology company Bosch, RBVC is well positioned to offer its guidance in this strategic movement.
With this move, the company is setting out its aims to remain competitive in an increasingly populated market. Other companies currently operating in this space includes 3D Hubs, which recently launched its business in the U.S. following initial success in Europe, award winning digital manufacturer Protolabs and 3D Systems On Demand.
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Featured image shows array of on-demand parts created by Xometry. Image via Xometry.