It's not often that you see the same startup bring in two VC investments in the first half of the same year.
But Maryland-based Xometry isn't your typical startup.
Today, the company aiming to be the "Amazon for manufacturing" announced a $15 million raise led by BMW i Ventures, with participation from existing investors, GE Ventures and Highland Capital Partners. The latest raise brings Xometry to a total of $38 million raised, to date, and it comes on the heels of its $7 million raise led by GE Ventures announced on Feb. 1.
Xometry aims to connect smaller manufacturers with potential clients, while also siloing pricing and lead time estimates and feedback through its online system. Clients have included General Electric, NASA, the U.S. Army, and, of course, BMW. With the raise, BMW i Venture's partner Zach Barasz will join Xometry's board of directors.
In an interview with DC Inno, CEO and co-founder Randy Altschuler said they hope to use the additional funds to fuel the company's rapid growth. In the last 18 months, Altschuler said the company's headcount has almost quadrupled, and they're almost at 100 employees to date.
While he wouldn't say how many people they're looking to hire, Xometry has so-called "aggressive" plans to hire data scientists, software engineers, web developers and more.
"We want to go deeper with our customers," Altschuler said. "The same way that Amazon aspires to be your one-stop shop for your consumer needs, we want to be the same way for companies for their manufacturing needs."
Xometry focuses on two strategic plans: first, they've developed a software platform to streamline manufacturing orders. Second, they own a high-tech manufacturing facility capable of CNC machining, direct metal laser sintering and metal binder jetting and more. Altschuler says their focus on manufacturing is key for each raise.
Investors love the idea of investing in a company that’s investing in manufacturing.
"We have almost 500 manufacturers across the company, and investors love the idea of investing in a company that’s investing in manufacturing," he said.
It makes sense. GE was a customer before it became an investor, and the same with BMW. Altschuler also says he credits being in the D.C. metro area with a lot of their investment success in the past few months.
"There is certainly a heightened interest in the burgeoning D.C. tech community," he said. "You're getting more interest in D.C. funded startups and companies."
Xometry has offices in both Gaithersburg, Md. and Bethesda, Md.
Image courtesy of Xometry
