Xometry acquires competitor MakeTime, raises $25M - Technical.ly DC

Business

Jul. 10, 2018 2:34 pm

Xometry acquires competitor MakeTime, raises $25M

The Gaithersburg, Md.– based custom manufacturing marketplace is expanding its network of shops, and will now have an office in Lexington, Ky.

Xometry provides 3D printing.

(Photo by Wikimedia Commons user Subhashish Panigrahi, used under a Creative Commons license)

Updated at 3:56 p.m. on 7/11/18.

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.

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.”

Advertisement

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.

You must appreciate accurate, relevant and productive community journalism.  Support this sort of work from professional reporters with seasoned editors.  Become a Technical.ly member for $12 per month -30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

UrbanStems raises $12M Series B funding round, and gets new CEO

Accenture Federal Services wins $79M contract from Navy Medicine

Applications are open for DC Startup Week 2019’s pitch competition

SPONSORED

DC

Verizon is looking for the brightest ideas on how to use its 5G technology

Washington, D.C.

The Washington Post

Full Stack Developer

Apply Now
Washington, D.C.

The Washington Post

Senior Full Stack Software Engineer

Apply Now
Washington, DC

SmartLogic

Account Executive (DC)

Apply Now

More than 300 DC-area companies made this year’s Inc. 5000 list

Reston-based Leidos is set to acquire IMX Medical Management Services

CIT’s Virginia Founders Fund invests in Tysons-based Curbside Kitchen

SPONSORED

DC

Escape the August heat with cool AI tech

DC, SF, NYC

Nava

Experienced Software Engineer – Backend

Apply Now
DC

Marcus & Millichap

Marketing Assistant

Apply Now
DC

CoStar Group

Marketing Graphic Designer

Apply Now

Sign-up for daily news updates from Technical.ly Dc

Do NOT follow this link or you will be banned from the site!