Xometry, a Gaithersburg, Mayland-based on-demand manufacturing marketplace, announced it raised $50 million in equity funding led by Greenspring Associates. Dell Technologies Capital also participated in the round along with previous and strategic investors including BMW i Ventures, Foundry Group, GE Ventures, Highland Capital Partners, Maryland Venture Fund and Almaz Capital.
“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 Xometry co-founder and CEO Randy Altschuler. “We’re planning to invest these funds behind growth initiatives, product development and global expansion.”
Considered the largest marketplace for custom manufacturing, Xometry it connects customers with optimal manufacturing solutions through its proprietary AI algorithms. And Xometry provides on-demand manufacturing and industrial supply materials to a diverse customer base ranging from startups to Fortune 100 companies.
“Xometry is yet another example of how machine learning based intelligent software is driving huge efficiency gains across many different industries,” added Dell Technologies Capital Managing Director Daniel Docter. “We look forward to helping Xometry expand into new verticals that leverage the expertise of Dell Technologies.”
In the past year, Xometry’s growth has been continuing to accelerate as its revenue doubled. Plus Xometry also launched Xometry Supplies — which provides manufacturers in Xometry’s marketplace with the materials and tools they need for manufacturing parts faster and at lower costs.
There are more than 3,000 partner manufacturing facilities in Xometry’s nationwide network that maintain consistently fast lead times while offering a broad array of capabilities such as CNC Machining, 3D Printing, Sheet Metal Fabrication, Injection Molding, Die Casting, Stamping, Extrusion, and Urethane Casting.
Including this round, Xometry has raised a total of $113 million. Greenspring Associates General Partner Hunter Somerville is joining Xometry’s Board of Directors in conjunction with this round.
“Xometry has quickly become a key player in the $80B custom manufacturing market,” explained Somerville. “We’re thrilled to invest in helping them expand the reach and breadth of their marketplace and the services it offers.”