The acquisition will allow Xometry to grow its national partner network of manufacturers from 1,100 to over 2,300 while gaining MakeTime's enterprise product expertise and features including their Autodesk Fusion add-in and Shop Advantage program. Drura Parrish, MakeTime Founder and CEO, will join Xometry as Executive Vice President for Platform.
Foundry Group, one of MakeTime's investors, will lead a new $25MM round of funding for the newly combined company. Almaz Capital, BMW i Ventures, GE Ventures, Highland Capital Partners and Maryland Venture Fund will also contribute to the round. Xometry has now raised a total to date of $63MM.
"We're thrilled to combine Xometry's online manufacturing platform with MakeTime's proven success in building a distributed network of over 1,000 manufacturers," said Randy Altschuler, co-founder and CEO of Xometry. "This acquisition will provide our customers with access to massive capacity through the industry's largest distributed manufacturing network as well enhanced product features."
"We're excited at the prospect of joining forces with Xometry," said Drura Parrish, CEO and Founder of MakeTime. "We've both been building the future of manufacturing, and now we will be able to offer small- and medium-sized manufacturers access to more jobs, more opportunities for growth and advanced products to power their businesses."
Xometry has continued its rapid market expansion, recently eclipsing 10,000 customers spanning multiple verticals, including aerospace, automotive, consumer, medical devices and industrials. In the first five months of 2018, Xometry more than doubled both its revenues and bookings versus the same period in 2017. The company also recently launched a new version of the Xometry Instant Quoting Engine℠, which provides instant quotes on uploaded CAD files. Key features include a redesigned summary view to help users quickly review their quotes, a part-level modification page that captures all changes in real time, and an always-visible 3D viewer with instant design feedback displayed directly on the model. Xometry provides instant quotes on CNC Machining, Sheet Metal Fabrication, 3D Printing, and Urethane Casting.
"We are focused on creating a seamless buying experience for our customers. Using customer feedback, we made our quoting interface even more intuitive and efficient,” said Hunter Guerin, product manager for the Xometry Instant Quoting Engine℠. "We want to make it as easy as possible for engineers and procurement managers to generate quotes.”
Foundry Group's Seth Levine will join Xometry's Board of Directors. "We are thrilled to help Xometry capture greater share of the $80+ billion on-demand manufacturing marketplace," said Levine. "By combining both MakeTime's complementary technology and partner network to that of Xometry's, we can accelerate platform development and revenue growth to the benefit of both our customers and network partners."