Randy Altschuler, Co-Founder and CEO of Xometry
Randy Altschuler, Co-Founder and CEO of Xometry.
Xometry, an on-demand manufacturing company whose capabilities include additive manufacturing and CNC machining, has secured $15m in funding from a group of venture companies.
The capital was raised by BMW i Ventures, GE Ventures and Highland Capital Partners, and takes Xometry’s total fundraising figure to $38m. Xometry, based in Maryland, United States, will harness the injection of finance to accelerate its machine learning-based software platform, its manufacturing partner network and its sales organisation.
“We’re thrilled to partner with BMW i Ventures and deepen our relationship with General Electric,” Randy Altschuler, Co-Founder and CEO of Xometry, commented. “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.”
Launched in 2014, Xometry has continued to expand year on year. In 2017 the company has tripled the number of bookings it received by the same point last year, and has now surpassed 5,000 customers in a range of industries, from aerospace to medical. This rate of growth has also translated to its manufacturing capacity, which has increased by five times since the end of 2016.
Among the ever-growing customer base Xometry has built up are companies like GE and BMW. These companies have used Xometry to custom manufacture parts, and satisfied with the service, have backed the company financially through their venture divisions. In correspondence with the relationship between the two companies, BMW i Venture’s Partner, Zach Barasz, is to join the Xometry 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.”
Ralph Taylor-Smith, Managing Director of Advanced Manufacturing, of GE Ventures, added: “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.”
