(Photo by Wikimedia Commons user Subhashish Panigrahi, used under a Creative Commons license)
A Gaithersburg, Md.-based startup’s manufacturing platform is getting backing from the venture groups of General Electric and BMW.
Xometry on Wednesday announced $15 million in new funding. The round was led by BMW i Ventures. Existing investors GE Ventures, which led a round that closed earlier this year, also participated along with Highland Capital Partners.
— Elizabeth Branton (@ebranton1) June 28, 2017
The company’s platform brings the marketplace model to manufacturing. Users upload a design, then get info about where to find parts and pricing. Xometry works with a network of small and medium-sized manufacturing partners. The company also provides services like 3D printing, CNC Machining and other services.
“We’re accelerating our efforts to provide additional features to our online platform, making it easier for engineers and procurement managers to conveniently order a wide range of parts delivered by our expanding network of hundreds of manufacturers across the nation,” CEO Randy Altschuler said in a statement.
The company also has locations in Bethesda, Md., and Durham, N.C.
With the funding deal, BMW i Ventures partner Zach Barasz will join the company’s board.-30-
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