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(PRNewsfoto/Xometry)
Xometry has announced it has raised $50m in equity funding, taking its total raised capital up to $113m since it was founded in 2013.
The latest funding round was led by Greenspring Associates and attracted a contribution from Dell Technologies Capital. Previous investors include BMW I Ventures, Foundry Group, GE Ventures, Highland Capital Partners, Maryland Venture Fund and Almaz Capital.
Xometry is a manufacturing service provider which harnesses a host of production technologies, from CNC machining, milling and turning to injection moulding to 3D printing and serves customers in myriad industries from automotive to healthcare. Its repertoire of 3D printing technology comprises FDM, SLA, SLS, DMLS, PolyJet and Multi Jet Fusion, while orders of custom parts can be made through Xometry’s Instant Quoting Engine, where files can be uploaded, geometries analyses, and costs and lead time calculated. In addition to its manufacturing services, Xometry also provides materials and tools through its Xometry Supplies portal.
With the latest funding round secured, Xometry now welcomes Hunter Somerville, General Partner for Greenspring Associates, on to its Board of Directors. He believes Xometry is becoming a key player in the custom manufacturing market which is worth around $80B and wants to help the company expand its reach and enhance the service it offers to market. And that’s exactly where Xometry intends to focus its investment.
“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,” commented Altschuler. “We’re planning to invest these funds behind growth initiatives, product development and global expansion.”
