A Maryland tech company has manufactured two big deals.
Gaithersburg, Md.-based Xometry Inc. has added $25 million in funding. The online marketplace for parts manufacturing also absorbed Kentucky-based MakeTime Inc. for an undisclosed amount.
Founded in 2013, Xometry bills itself as the largest on-demand manufacturing platform. Engineers submit design files online and receive instant quotes from its network of manufacturing partners. The deal will grow its manufacturer network from 1,100 to 2,300.
“It immediately adds to our overall capacity and available manufacturers,” said Bill Cronin, vice president of marketing. “We’re bringing jobs to small manufacturers from customers like GE and NASA; we will find the capacity for any job.”
Cronin said another key added feature is MakeTime’s Shop Advantage program, which offers deals to machine shops for cutting tools and software. The funding will be used to invest in software development and improve customer- and manufacturer-facing online interfaces, he said.
The combined company will operate under the Xometry brand name and have two offices in Maryland (Gaithersburg and Bethesda) and one in Kentucky. It adds about 30 employees from MakeTime, bringing the combined total to 170 employees, Cronin said.
MakeTime founder and CEO Drura Parrish will join Xometry as executive vice president for platform. Foundry Group's Seth Levine will join Xometry's board of directors.
Boulder, Co.-based Foundry Group led the new funding round, along with Maryland Venture Fund, Almaz Capital, BMW i Ventures, GE Ventures and Highland Capital Partners. Xometry has now raised a total to date of $63 million.
The firm recently eclipsed 10,000 customers, which include BMW, General Electric and NASA. It more than doubled its revenue in the last year, to about $40 million.
