Xometry, the largest on-demand manufacturing marketplace, has raised $50m in equity funding, led by Greenspring Associates.
The new funding will back efforts to build a platform connecting suppliers to businesses that need prototypes and small runs of parts.
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, Maryland Venture Fund and Almaz Capital. Xometry has raised a total of $113m to date.
“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 $80bn custom manufacturing market,” said Somerville.
“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.