$15 million is to fuel Xometry’s on-demand manufacturing platform.
Xometry, founded in 2014 in Maryland, USA, is an on-demand manufacturing platform, has secured 15 million dollars in funding led by BMW i Ventures, with participation from existing investors including GE Ventures and Highland Capital Partners. Further fueling Xometry’s rapid market expansion, the latest round of funding will accelerate Xometry’s investment in its machine learning-based software platform, manufacturing partner network, and sales organization.
“We’re thrilled to partner with BMW i Ventures and deepen our relationship with General Electric,” said Randy Altschuler, cofounder and CEO of Xometry. “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.”
Xometry has now raised a total to date of 38 million dollars. The company orchestrates a nationwide network of hundreds of partner manufacturing facilities that enables it to maintain consistently fast lead times while offering a broad array of capabilities, including CNC Machining, 3D Printing, Sheet Metal and Casting to its customers.
Xometry has continued its rapid market expansion, recently eclipsing 5,000 customers spanning multiple verticals, including aerospace, automotive, consumer, medical devices and industrials. This year, Xometry has already tripled its 2016 bookings during the same time-period a year ago. Xometry has correspondingly expanded its manufacturing capacity by more than five times since the end of last year.
Leading global manufacturers, such as GE, BMW and others, are leveraging Xometry’s platform to simplify the purchase of custom manufactured parts and to enable efficient price transparency in their procurement practices.
Commensurate with the expanded relationship, BMW i Venture’s Partner, Zach Barasz, is joining Xometry’s Board of Directors. “Xometry is well-positioned to continue its rapid growth based on the strength of its software platform, extensive manufacturing network and seasoned management team,” said Barasz. “They quickly deliver quality custom parts to businesses of all sizes, including BMW.” Mountain View-based BMW i Ventures, a corporate venture capital team founded by BMW Group in 2011, provides equity financing to high-potential start-ups and high-growth companies dedicated to shape the future of global mobility. BMW i Ventures has already entered into strategic partnerships with innovative providers such as Carbon3D, Nauto, Scoop, Stratim, Chargepoint, Life360, Moovit, JustPark, Chargemaster and Zendrive.
“We’re thrilled to continue to expand our relationship with Xometry. Its easy-to-use interface is being deployed across GE business units to deliver high quality parts to a number of industries,” said Ralph Taylor-Smith, managing director of advanced manufacturing at GE Ventures. GE Ventures identifies, scales and accelerates ideas in the areas of software, advanced manufacturing, energy and healthcare through equity investing, new business creation, licensing and technology transfer to deliver an innovation platform designed to drive growth for partners and GE.