Xometry has announced $50 million in equity funding.
The funding round brings the company up to a total of $113 million raised to date. Xometry is a relatively young operation, and almost doubling existing funding in one fell swoop is a strong step forward for the on-demand manufacturing company.
And for on-demand manufacturing; this business model is proving itself out in 2019 with increasing investment, widening availability, more focus on establishing and expanding global networks for localized production, and more players in the game. A large part of this interest comes from enhanced capabilities in additive manufacturing, which is a rising star in the bigger-picture digital manufacturing and Industry 4.0.
The new funding will help them to meet more demand as they add more capabilities.
“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. “We’re planning to invest these funds behind growth initiatives, product development and global expansion.”
3D printing fits into these offerings as the team plan to bring in additional technologies soon while keeping options open for even more AM investment.
“This round will help us continue to invest in additive manufacturing, including expanding state-of-the-art processes like HP Multi Jet Fusion and adding more processes in the future,” Altschuler tells Fabbaloo.
The last few years have certainly been eventful for Xometry, which has seen several successful funding rounds that have enabled expansion and even the company’s first acquisition. Previous investors return for this new round, announced today.
The $50M equity funding round was led by Greenspring Associates, which was joined by Dell Technologies Capital and “all previous venture and strategic investors”: BMW i Ventures, Foundry Group, GE Ventures, Highland Capital Partners, Maryland Venture Fund, and Almaz Capital.
Greenspring Associates’ Hunter Somerville is joining the Board of Directors at Xometry as well in the move. Somerville noted that Xometry is a “key player in the $80B custom manufacturing market,” indicating Greenspring’s interest in the investment opportunity.
Additional capabilities — including MJF, potentially with the new production-focused 5200 Series — is set to see Xometry continue on its already-established growth trajectory. The company’s revenues, for example, have doubled in the last year; more offerings can appeal to more customers and in turn continue to enhance revenue opportunities.
Xometry has a large network, with more than 3,000 partner manufacturing facilities enabling offerings in 3D printing, CNC machining, sheet metal fabrication, injection molding, die casting, stamping, extrusion, and urethane casting.