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BMW and General Electric invest in Xometry manufacturing marketplace

 

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An online marketplace which offers custom-manufactured parts using 3D printing and machine learning to generate instant price quotes has raised $15 million in its latest funding round. 

Relatively new startup company Xometry – which rhymes with geometry and is pronounced zometry – has raised a total of $38 million since it was established in 2013.

The company already generates approximately $20 million in annual revenue and has hundreds of providers and more than 5,000 customers. 

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This latest funding round was joined by two of its customers – BMW, through BMW i Ventures, and General Electric, through GE Ventures – as well as Highland Capital Partners.

Xometry says the new funding will accelerate its investment in its machine-learning software platform, manufacturing partner network, and sales organization.

Randy Altschuler, co-founder and CEO of Xometry, says: “We’re thrilled to partner with BMW i Ventures and deepen our relationship with General Electric.

“We’re accelerating our efforts to provide additional features to our online platform, making it easier for engineers and procurement managers to conveniently order a wide range of parts delivered by our expanding network of hundreds of manufacturers across the nation.”

Xometry customers span multiple sectors, including aerospace, automotive, consumer, medical devices and industrials.

This year, Xometry says it has has already tripled its 2016 bookings during the same time-period a year ago. It has also correspondingly expanded its manufacturing capacity by more than five times since the end of last year.

Leading global manufacturers use Xometry’s platform to simplify the purchase of custom manufactured parts and to enable efficient price transparency in their procurement practices.

As a result of the expanded relationship with BMW, Zach Barasz, partner at BMW i Ventures, is joining Xometry’s board of directors.

Barasz says: “Xometry is well-positioned to continue its rapid growth based on the strength of its software platform, extensive manufacturing network and seasoned management team.

“They quickly deliver quality custom parts to businesses of all sizes, including BMW.”

Ralph Taylor-Smith, managing director of advanced manufacturing at GE Ventures, says: “We’re thrilled to continue to expand our relationship with Xometry. Its easy-to-use interface is being deployed across GE business units to deliver high quality parts to a number of industries.”