(Photo by Wikimedia Commons user Subhashish Panigrahi, used under a Creative Commons license)
Xometry, a Maryland-based on-demand manufacturing marketplace, said Monday that it raised $50 million in funding.
The equity round was led by Owings Mills-based Greenspring Associates. Dell Technologies Capital is also participating, along with previous investors including BMW i Ventures, Foundry Group, GE Ventures, Highland Capital Partners, Maryland Venture Fund and Almaz Capital.
Headquartered in Gaithersburg, Xometry created a platform for companies seeking to source custom parts and works with a network of machine shops and facilities that complete the manufacturing. Its algorithm sends jobs to a list of vetted facilities that match the capabilities needed, and the platform provides price quotes as well as estimates on lead time.
The new funding round brings the company’s total raised to $113 million. In 2018, it also acquired fellow manufacturing network MakeTime, which resulted in the company adding offices in Kentucky.
“Xometry has quickly become a key player in the $80B custom manufacturing market,” Hunter Somerville, a general partner for Greenspring Associates who will join Xometry’s board, said in a statement. “We’re thrilled to invest in helping them expand the reach and breadth of their marketplace and the services it offers.”
With the new funding, the company is eying further product development and international growth. The Wall Street Journal reported Monday that the company is planning expansion into providing supplies to the businesses on its platform, and acquired a regional tool supplier in Jackson, Tenn. It is also seeking to add capabilities to its platform.-30-
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