Xometry, a provider of on-demand manufacturing, has secured new funding fromGE Ventures and existing investors, includingHighland Capital Partners, to reach a total of $23 million raised. The infusion of capital will allow Xometry to accelerate investment in its software platform powering its manufacturing partner network.
“We created a marketplace by creating price clarity where none existed,” said Randy Altschuler, co-founder and CEO of Xometry. “We thought if you can buy groceries and order a car off the internet, then why not custom parts?”
Xometry’s network of manufacturing partners fulfill orders placed through the company’s online platform, which provides pricing, lead times and manufacturability feedback, replacing a previously time-intensive and inefficient process by connecting small- to medium-sized manufacturers to customers in key American industries, including aerospace, automotive, defense, medical, technology and telecommunications. Xometry acts as the network orchestrator, enabling engineers and designers to connect with vetted manufacturers who can produce quality parts, according to a press release from the company.
Sources: Press materials received from the company and additional information gleaned from the companies’ websites.