Feb 2, 2017 | By Tess
Xometry, a Gaithersburg, Maryland-based on-demand manufacturing marketplace, has announced that it has successfully raised $23 million in funding from new and existing investors. Notable among its new investors is venture capital firm GE Ventures, a subsidiary of General Electric. Existing investors include Highland Capital Partners.
The company, which offers clients a U.S.-wide network of manufacturing partners with 3D printing, CNC machining, and sheet metal and urethane casting capabilities, says the new funding will help it to accelerate its software platform, which is what powers its manufacturing partner network.
Xometry’s online platform, which has served a range of clients including General Electric, MIT Lincoln Laboratory, NASA, and the United States Army, provides a user-friendly interface through which customers can be connected to highly vetted small to medium sized manufacturing companies. Not only providing the connection, however, Xometry also provides pricing, lead times, and manufacturability feedback, so clients know what to expect.
Randy Altschuler, co-founder and CEO of Xometry, said, “We created a marketplace by creating price clarity where none existed. We thought if you can buy groceries and order a car off the internet, then why not custom parts? Xometry is now home to the fastest-growing software driven marketplace of manufacturers. We can now accelerate our investment to meet more of our customer’s needs.”
As the company says, it functions as a sort of “network orchestrator” which allows companies and organizations from a wide range of industries, including automotive, defense, aerosapce, medical, technology, and telecommunications, to use (and consequently support) smaller manufacturing companies, which reportedly make up a $50 billion plus market in the United States. To use Xometry, clients simply have to upload their custom part in the form of a 3D file and place their order. From there, Xometry’s software can connect them with reliable manufacturers that are equipped to fulfill the order.
With new support from GE Ventures, Xometry seems to only be increasing its capabilities. Ralph Taylor-Smith, Managing Director of Advanced Manufacturing at GE Ventures, commented, “GE Ventures is excited to support Xometry’s vision to transform American manufacturing. GE has been a customer of Xometry for several years and we’ve been impressed with the high quality of parts delivered by the network and easy-to-use interface. We’re thrilled to see local manufacturers across the country build their businesses by being a part of the Xometry Partner Network and securing orders from coast to coast.”
In recent years, Xometry has established a nationwide client base of over 4,000 customers and currently has manufacturing partners in 35 states. Manufacturing companies can join Xometry’s network free of charge, and will be notified by the online service when an order has been placed that they can fill. The process, according to Xometry, allows manufacturers to “spend less time bidding for new business and more time producing parts.”
Posted in 3D Printing Service
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