Maryland-based manufacturing marketplace Xometry has raised $50 million in a new round of funding led by Greenspring Associates.
“Xometry’s vast network, massive data sets and AI breakthroughs make it easier for engineers and designers to buy custom manufacturing and help manufacturers more efficiently operate their businesses,” said Randy Altschuler, co-founder and CEO of Xometry, in a press release. “We’re planning to invest these funds behind growth initiatives, product development and global expansion.”
To date, Xometry has raised a total of $113 million. Its other notable investors included Dell Technologies Capital, BMW i Ventures, GE Ventures, and Maryland Venture Fund. The company is the largest marketplace for custom manufacturing and uses AI algorithms to connect customers with manufacturing solutions.
Engineers have the ability to use 3D printers, CNC machines, and injection molding through Xometry’s network of 3,000 manufacturers.
Xometry’s Revenue Doubled in 12 Months
The company intends to fuel its growth with the money raised from the latest funding round. Greenspring Associates general partner Hunter Somerville will be joining the board of directors.
“Xometry has quickly become a key player in the $80 billion custom manufacturing market,” said Somerville. “We’re thrilled to invest in helping them expand the reach and breadth of their marketplace and the services it offers.”
In the past 12 months, Xometry has doubled its revenue and seen huge growth. It has also launched Xometry Supplies, a source for Aluminum 6061-T6, tools and supplies, which it says are competitively priced and quickly delivered.
“Xometry is yet another example of how machine learning based intelligent software is driving huge efficiency gains across many different industries,” said Daniel Docter, Dell Technologies Capital managing director. “We look forward to helping Xometry expand into new verticals that leverage the expertise of Dell Technologies.”
Source: Press release
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