Jul 10, 2018 | By Thomas

Xometry, the on-demand online manufacturing marketplace, announced that it has acquired Lexington, Ky.-based MakeTime, another leading on-demand manufacturing company. The combined company will operate under the Xometry brand name and have offices in Maryland and Kentucky.

Xometry, 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. The acquisition will allow Xometry to grow its national partner network of manufacturers from 1,100 to over 2,300 while gaining MakeTime's enterprise product expertise and features including their Autodesk Fusion add-in and Shop Advantage program. Drura Parrish, MakeTime Founder and CEO, will join Xometry as Executive Vice President for Platform.

Foundry Group, one of MakeTime's investors, will lead a new $25MM round of funding, Almaz Capital, BMW i Ventures, GE Ventures, Highland Capital Partners and Maryland Venture Fund will also contribute to the round. Based in Gaithersburg, Maryland, Xometry has seen its fair amount of success since its founding in 2013. In fact, the startup has now raised a total to date of $63MM since its birth.

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 also recently launched a new version of the Xometry Instant Quoting Engine, which provides instant quotes on uploaded CAD files.

Xometry’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.

"We're thrilled to combine Xometry's online manufacturing platform with MakeTime's proven success in building a distributed network of over 1,000 manufacturers," said Randy Altschuler, co-founder and CEO of Xometry. "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 has continued its rapid market expansion, recently eclipsing 10,000 customers spanning multiple verticals, including aerospace, automotive, consumer, medical devices and industrials. In the first five months of 2018, Xometry more than doubled both its revenues and bookings versus the same period in 2017.

Foundry Group's Seth Levine will join Xometry's Board of Directors. "We are thrilled to help Xometry capture greater share of the $80+ billion on-demand manufacturing marketplace," said Levine.  "By combining both MakeTime's complementary technology and partner network to that of Xometry's, we can accelerate platform development and revenue growth to the benefit of both our customers and network partners."

 

 

Posted in 3D Printing Service

 

 

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