(Photo by Wikimedia Commons user Subhashish Panigrahi, used under a Creative Commons license)
Gaithersburg, Md.–based Xometry said it acquired a competitor in the on-demand manufacturing space, and raised $25 million to drive future growth.
The acquisition of Lexington, Ky.–based MakeTime “brings together the country’s two top manufacturing network platforms,” a statement said.
"We are extremely excited to join the Xometry team and look forward to continuing to work with all of our customers as part of the @Xometry family. Thank you for everything these past 4 years!" – The MakeTime Team pic.twitter.com/7bsBPbHBTO
— MakeTime (@MakeTimeInc) July 10, 2018
Founded in 2013, Xometry offers a platform for businesses to source custom parts produced using techniques like CNC machining, 3D printing and injection molding, among others. The marketplace connects the businesses with the suppliers, and provides price quotes based on uploaded CAD files. The company recently surpassed 10,000 customers working in aerospace, medical devices and automotive, among other industrial verticals.
The funding round was led by the Foundry Group, a Boulder, Colo.–based firm founded by entrepreneur Brad Feld, Seth Levine, Jason Mendelson and Ryan McIntyre. Levine is joining Xometry’s board of directors. Participating investors also include Almaz Capital, BMW i Ventures, GE Ventures, Highland Capital Partners and Maryland Venture Fund. Xometry has now raised a total of $63 million, including a $15 million round about a year ago.
“Xometry is compelling for a number of reasons. It has a great team that is focused on execution, is a market leader in the on-demand manufacturing space, a very large market and has compelling value propositions for customers including reducing the quote time from two weeks to almost instantaneous, assuring quality and delivering product on time,” Maryland Venture Fund Director and CMO Parag Sheth said via email. “Lastly, building a manufacturing business is pretty awesome.”
With the acquisition, Xometry will more than double the number of custom-parts manufacturers in its network to 2,300 shops, as well as add technology. The company will now have an office in Lexington to go along with its operations Gaithersburg and Bethesda, and MakeTime founder and CEO Drura Parrish will be Executive Vice President for Platform with Xometry. MakeTime also has an add-on from Autodesk and a program that offers deals to shops.
“This acquisition will provide our customers with access to massive capacity through the industry’s largest distributed manufacturing network as well enhanced product features,” Xometry CEO Randy Altschuler said in a statement.
Combined, the company will have 170 employees, with a total of 30 MakeTime employees joining, according to SVP of Sales and Marketing Bill Cronin. The company will also use the funding to invest in software for use by customers and manufacturing partners.-30-
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