Rockville-based Xometry just filed to go public

Rockville, Maryland-based on-demand manufacturing marketplace Xometry is planning to go public.

Going the traditional IPO route instead of the increasingly popular SPAC method, Xometry filed an S-1 form with federal regulators Friday morning. The form states that the company plans to raise $100 million in the proposed public offering. However, a news release from the company states that the price and number of shares has yet to be determined. The company plans to list Class A common stock on the Nasdaq, trading under XMTR.

Noteworthy existing investors in the company include Foundry Group, Highland Capital Partners and T. Rowe Price Associates, along with BMW i Ventures, SICAV RAIF and Greenspring Associates.

According to the filing, Xometry generated $141.4 million in revenue in 2020, a year-over-year growth of 76%. The new year is also off to a strong start, with $43.9 million generated in Q1, accounting for 65% growth.

Founded in 2013 by CEO Randy Altschuler, Xometry built a marketplace for firms seeking to source custom parts for manufacturing. Using AI, its platform sends jobs to a list of facilities that could complete the needed service, and provides price quotes.

The filing says that the company intends to continue its growth strategy, with plans to offer additional products, continue international expansion and pursue acquisitions. Buyers on the Xometry marketplace include NASA, Moderna, BMW and ABL Space Systems.

“We plan to continue to market the Xometry Pay platform to U.S. sellers, enhance features that allow quicker conversion of purchase orders to cash and build toward a full-service digital wallet for sellers to use for payouts and purchases,” the filing reads.

The company has been on our radar for a few years already, raising $50 million in a round led by Greenspring in 2019, plus an additional $5 million investment from Robert Bosch Venture Capital. It also scored $75 million in equity funding late last year. It has also previously grown through acqusition, bringing on European on-demand manufacturing marketplace Shift in 2019.

The filing did not include a date for the initial public offering. Typically, a company’s move to file an S-1 kicks off a “quiet period,” in which it is limited in what it can say to investors, as well as the public.