On-demand manufacturing marketplace startup Xometry raises $50 million equity investment to accelerate growth

On-demand manufacturing is disrupting traditional manufacturing process. At the forefront of this transformation is Gaithersburg, Maryland-based startup Xometry helps grow domestic manufacturing of the U.S. by using software to build robust and scalable manufacturing platform which gives users the efficient way to get custom parts. We first wrote about this startup when it launched its Instant Quoting Engine Version 3.0.

The company has grown exponentially since then. Today, Xometry announced it has raised $50 million in equity investment to fuel continued growth for largest on-demand manufacturing marketplace. The round, which was led Greenspring Associates, brings the total funding to date to $113 million. Other backers include Dell Technologies Capital will also participate in the round, along with all previous venture and strategic investors including BMW i Ventures, Foundry Group, GE Ventures, Highland Capital Partners.

Founded in 2013 by Laurence Zuriff and Randy Altschuler, Xometry is the largest marketplace for custom manufacturing, connecting customers with optimal manufacturing solutions through proprietary AI algorithms. Xometry provides on-demand manufacturing and industrial supply materials to a diverse customer base, ranging from startups to Fortune 100 companies. Our nationwide network of over 3,000 partner manufacturing facilities enables us to maintain consistently fast lead times while offering a broad array of capabilities, including CNC Machining, 3D Printing, Sheet Metal Fabrication, Injection Molding, Die Casting, Stamping, Extrusion, and Urethane Casting. Xometry’s customers include BMW, Dell Technologies, General Electric and NASA.

“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.”

Hunter Somerville, General Partner for Greenspring Associates, will join Xometry’s Board of Directors. “Xometry has quickly become a key player in the $80B custom manufacturing market,” said Somerville. “We’re thrilled to invest in helping them expand the reach and breadth of their marketplace and the services it offers.”

“Xometry is yet another example of how machine learning based intelligent software is driving huge efficiency gains across many different industries,” said Daniel Docter, Managing Director Dell Technologies Capital. “We look forward to helping Xometry expand into new verticals that leverage the expertise of Dell Technologies.”

Xometry’s growth has continued to accelerate and revenue has doubled in the past twelve months. Xometry also launched Xometry Supplies, providing the manufacturers in Xometry’s marketplace the materials and tools they need to manufacture parts faster and at lower costs.