{"id":68430,"date":"2019-07-29T13:09:49","date_gmt":"2019-07-29T05:09:49","guid":{"rendered":"http:\/\/facfox.com\/news\/aerospace\/xometry-acquires-maketime-raises-25-million-in-funding-round.3dm"},"modified":"2019-07-29T13:09:49","modified_gmt":"2019-07-29T05:09:49","slug":"xometry-acquires-maketime-raises-25-million-in-funding-round","status":"publish","type":"post","link":"https:\/\/facfox.com\/news\/xometry-acquires-maketime-raises-25-million-in-funding-round\/","title":{"rendered":"Xometry acquires MakeTime, raises $25 million in funding round"},"content":{"rendered":"<div id=\"dpsp-content-top\" class=\"dpsp-content-wrapper dpsp-shape-rectangular dpsp-size-medium dpsp-has-spacing dpsp-has-buttons-count dpsp-show-on-mobile dpsp-button-style-1\">\n<div class=\"dpsp-total-share-wrapper\"><span class=\"dpsp-total-share-count\">45<\/span><span>shares<\/span><\/div>\n<ul class=\"dpsp-networks-btns-wrapper dpsp-networks-btns-content dpsp-networks-btns-share dpsp-column-auto\">\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><span class=\"dpsp-network-count\">26<\/span><\/span><\/li>\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><span class=\"dpsp-network-count\">19<\/span><\/span><\/li>\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><span class=\"dpsp-network-count\">0<\/span><\/span><\/li>\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><\/span><\/li>\n<\/ul>\n<\/div>\n<p><span style=\"font-weight: 400;\">Xometry<\/span><span style=\"font-weight: 400;\">, an on-demand manufacturing platform based in Maryland, has acquired fellow manufacturing platform based in Kentucky, <\/span><span style=\"font-weight: 400;\">MakeTime<\/span>. Xometry has also announced<span style=\"font-weight: 400;\"> a new funding round of $25 million.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With plans to establish what is said to be the industry\u2019s largest distributed on-demand manufacturing networking platform, this new merger, which will operate under the Xometry brand name, will consist of over 2,300 manufacturing partners and 10,000 customers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe&#8217;ve both been building the future of manufacturing,\u201d said Drura Parrish, CEO and Founder of MakeTime and new Executive Vice President for Xometry\u2019s combined platform.<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u201cNow we will be able to offer small and medium-sized manufacturers access to more jobs, more opportunities for growth and advanced products to power their businesses.&#8221;<\/span><\/p>\n<\/blockquote>\n<figure id=\"attachment_87193\" style=\"width: 500px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-87193 size-full\" src=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2016\/07\/Xometry_platform.v2.jpg\" alt=\"The online Xometry platform. Photo via Make Parts Fast.\" width=\"500\" height=\"350\" srcset=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2016\/07\/Xometry_platform.v2.jpg 500w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2016\/07\/Xometry_platform.v2-370x260.jpg 370w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2016\/07\/Xometry_platform.v2-200x140.jpg 200w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><figcaption class=\"wp-caption-text\">The online Xometry platform. Photo via Make Parts Fast.<\/figcaption><\/figure>\n<p><b>Expanding manufacturing networks<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Founded in 2013, Xometry has built a varied customer base through its proprietary software platform which provides product designers and engineers with the most efficient solutions in sourcing high-quality custom parts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Last month, Xometry launched <\/span><span style=\"font-weight: 400;\">the <\/span><span style=\"font-weight: 400;\">Xometry Instant Quoting Engine 3.0<\/span><span style=\"font-weight: 400;\"> \u2013 a price quoting system for manufacturing processes such as CNC Machining, Sheet Metal Fabrication, , and Urethane Casting.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Within this new platform, Xometry will now incorporate MakeTime\u2019s product expertise and featured software into its new platform. This includes an <\/span><span style=\"font-weight: 400;\">Autodesk Fusion360<\/span><span style=\"font-weight: 400;\"> add-in and Shop Advantage Program &#8211; a free network detailing special offers on cutting tools, software, computer equipment and manufacturing equipment financing opportunities. <\/span>Randy Altschuler, Co-Founder and CEO of Xometry stated:<\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">&#8220;We&#8217;re thrilled to combine Xometry&#8217;s online manufacturing platform with MakeTime&#8217;s proven success in building a distributed network of over 1,000 manufacturers.&#8221; <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">&#8220;This acquisition will provide our customers with access to massive capacity through the industry&#8217;s largest distributed manufacturing network as well as enhanced product features.&#8221;<\/span><\/p>\n<p><iframe src=\"https:\/\/www.youtube.com\/embed\/AGdiD0HhLj0\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><b>Investments in the platform<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Colorado-based venture capitalist firm, <\/span><span style=\"font-weight: 400;\">Foundry Group<\/span><span style=\"font-weight: 400;\">, who is also an investor in MakeTime\u2019s, was the leader in the new $25 million round of funding.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Additionally, existing investors <\/span><span style=\"font-weight: 400;\">Maryland Venture Fund<\/span><span style=\"font-weight: 400;\">, <\/span><span style=\"font-weight: 400;\">Almaz Capital<\/span><span style=\"font-weight: 400;\">, <\/span><span style=\"font-weight: 400;\">BMW i Ventures<\/span><span style=\"font-weight: 400;\">, <\/span><span style=\"font-weight: 400;\">GE Ventures<\/span><span style=\"font-weight: 400;\">, and <\/span><span style=\"font-weight: 400;\">Highland Capital Partners<\/span> participated in the round.<span style=\"font-weight: 400;\"> <\/span><\/p>\n<p>Investors had <span style=\"font-weight: 400;\">previously contributed to a $15 million funding round that closed in June 2017.<\/span>  Xometry now received total funding of $63 million.<\/p>\n<p><span style=\"font-weight: 400;\">&#8220;We are thrilled to help Xometry capture greater share of the $80+ billion on-demand manufacturing marketplace,&#8221; said Seth Levine, Managing Director of Foundry Group who will be joining Xometry\u2019s Board of Directors.<\/span><\/p>\n<p>&#8220;By combining both MakeTime&#8217;s complementary technology and partner network to that of Xometry&#8217;s, we can accelerate platform development and revenue growth to the benefit of both our customers and network partners.<span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><i><span style=\"font-weight: 400;\">Stay updated on this merger and other 3D printing news by subscribing to the<\/span><\/i> <i><span style=\"font-weight: 400;\"><a href=\"\/service\/3d-printing\"> Industry newsletter<\/span><\/i><i><span style=\"font-weight: 400;\">. Also, follow us on<\/span><\/i> <i><span style=\"font-weight: 400;\">Twitter<\/span><\/i><i><span style=\"font-weight: 400;\">, and like us on<\/span><\/i> <i><span style=\"font-weight: 400;\">Facebook<\/span><\/i><i><span style=\"font-weight: 400;\">.<\/span><\/i><i><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/i><i><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/i><i><span style=\"font-weight: 400;\">Need a change of pace? Seeking new talent for your business? Search and post<\/span><\/i> <i><span style=\"font-weight: 400;\"><a href=\"\/service\/3d-printing\"> Jobs<\/span><\/i><i><span style=\"font-weight: 400;\"> for opportunities and new talent across engineering, marketing, sales and more.<\/span><\/i><i><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/i><i><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/i><i><span style=\"font-weight: 400;\">Featured image shows 3D printed components. Image via Xometry. <\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>45shares 26 19 0 Xometry, an on-demand manufacturing platform based in Maryland, has acquired fellow manufacturing platform based in Kentucky, MakeTime. Xometry has also announced a new funding round of $25 million. With plans to establish what is said to be the industry\u2019s largest distributed on-demand manufacturing networking platform, this new merger, which will operate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":182522,"comment_status":"open","ping_status":"close","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"fifu_image_url":"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2016\/07\/Xometry_platform.v2.jpg","fifu_image_alt":"","footnotes":""},"categories":[53],"tags":[169,170,173],"class_list":["post-68430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aerospace","tag-3dprint","tag-3dprinting","tag-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Xometry acquires MakeTime, raises $25 million in funding round - 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