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’s 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.
“We’ve both been building the future of manufacturing,” said Drura Parrish, CEO and Founder of MakeTime and new Executive Vice President for Xometry’s combined platform.
“Now 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.”
Expanding manufacturing networks
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.
Last month, Xometry launched the Xometry Instant Quoting Engine 3.0 – a price quoting system for manufacturing processes such as CNC Machining, Sheet Metal Fabrication, , and Urethane Casting.
Within this new platform, Xometry will now incorporate MakeTime’s product expertise and featured software into its new platform. This includes an Autodesk Fusion360 add-in and Shop Advantage Program – a free network detailing special offers on cutting tools, software, computer equipment and manufacturing equipment financing opportunities. Randy Altschuler, Co-Founder and CEO of Xometry stated:
“We’re thrilled to combine Xometry’s online manufacturing platform with MakeTime’s proven success in building a distributed network of over 1,000 manufacturers.”
“This acquisition will provide our customers with access to massive capacity through the industry’s largest distributed manufacturing network as well as enhanced product features.”
Investments in the platform
Colorado-based venture capitalist firm, Foundry Group, who is also an investor in MakeTime’s, was the leader in the new $25 million round of funding.
Additionally, existing investors Maryland Venture Fund, Almaz Capital, BMW i Ventures, GE Ventures, and Highland Capital Partners participated in the round.
Investors had previously contributed to a $15 million funding round that closed in June 2017. Xometry now received total funding of $63 million.
“We are thrilled to help Xometry capture greater share of the $80+ billion on-demand manufacturing marketplace,” said Seth Levine, Managing Director of Foundry Group who will be joining Xometry’s Board of Directors.
“By combining both MakeTime’s complementary technology and partner network to that of Xometry’s, we can accelerate platform development and revenue growth to the benefit of both our customers and network partners.
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Featured image shows 3D printed components. Image via Xometry.
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