Jun 28, 2017 | By Tess
Xometry Inc., the on-demand online manufacturing marketplace, has raised $15 million in funding through a financing round led by BMW Group’s venture capital division. The startup, which is aiming to be the “Amazon of custom manufacturing,” provides a nation-wide network of manufacturing partners that specialize in 3D printing, CNC machining, and more.
Based in Gaithersburg, Maryland, Xometry Inc. has seen its fair amount of success since its founding in 2013. In fact, the startup has reportedly raised a total of $38 million since its birth, and generates roughly $20 million in annual revenue.
With clients as illustrious as BMW, General Electric Co., and NASA, it seems that the online manufacturing marketplace is doing something right. (Xometry also serves a number of small and mid-sized companies.)
Basically, what the company offers is an online platform that connects companies to domestic manufacturers. In other words, if a company is looking to produce a specific prototype or custom parts, it uploads the 3D file of the part to Xometry’s website and fills in a form that specifies how they want the part to be made, as well as desired materials, and more.
The company’s software is then capable of generating price quotes and production time estimates for its clients thanks to smart machine learning. Once a quote has been selected by the client, Xometry sends the job out to a manufacturer that can meet the fabrication requirement with the specified time and cost restraints. Xometry thereby helps clients to streamline the often difficult and time-consuming process of ordering custom parts.
"Even companies as sophisticated as GE and BMW, their supply chains for these sizes of runs are limited," explained Randy Altschuler, Xometry’s co-founder and chief executive. "There is no central point for them to go to, no Amazon for custom manufacturing.”
The recent $15 million in funding includes investments from GE Ventures and Highland Capital Partners, both of which have invested in Xometry before. The startup says the new funding will enable it to increase its sales force and “expand its online platform” with new features especially geared to procurement teams.
At present, the Xometry platform is used by over 5,000 clients and has a network of hundreds of manufacturers and machine shops around the United States. Its client base is also diverse, as it has served companies from the aerospace, automotive, and medical device industries.
"You have instant transparency into 'what is this part going to cost me, and how will changes in material and the shape of the part affect that cost?'" commented Zach Barasz, a partner at BMW i Ventures, which invests primarily in technologies that will impact the automotive industry. Barasz will reportedly join Xometry’s board of directors.
Earlier this year, Xometry announced that it had raised $23 million in funding from new and existing investors such as GE Ventures and Highland Capital Partners.
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what? Is anyone doing the maths here..? online service with $38m invested at least, and $20m in gross revenues? Guess those investors aren't looking looking for a return on that investment PS..i'm also biased..i had a 3d print job done by them....it was terrible, out of spec, bad quality, etc...and i got nowhere on seeing about a refund or a better deliverable
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