Xometry, a software platform and on-demand manufacturing marketplace, raised $23 million in new funding from GE Ventures and existing investors, including Highland Capital Partners.
The new capital is expected to help Xometry boost investment in its software platform, which supports a growing partner network of small- and medium-sized manufacturers across the U.S.
“We created a marketplace by creating price clarity where none existed,” Randy Altschuler, cofounder and CEO of Xometry, said in a statement. “We thought if you can buy groceries and order a car off the internet, then why not custom parts? Xometry is now home to the fastest-growing software driven marketplace of manufacturers. We can now accelerate our investment to meet more of our customers’ needs.”
Through a nationwide network of manufacturing partners, orders are placed and fulfilled on the online platform while also providing pricing, lead times and manufacturability feedback.
Small- to medium-sized manufacturers represent a more than $50 billion market in the U.S. manufacturing sector. Xometry said its eCommerce platform overhauls a once time-intensive and inefficient buying process for this market and also helps to connect these manufacturers to customers in key U.S. industries.
Xometry acts as the “network orchestrator,” to help engineers and designers in search of quality parts find the highly vetted manufacturers who can produce them.
“GE Ventures is excited to support Xometry’s vision to transform American manufacturing,” added Ralph Taylor-Smith, managing director of advanced manufacturing at GE Ventures. “GE has been a customer of Xometry for several years, and we’ve been impressed with the high quality of parts delivered by the network and easy-to-use interface. We’re thrilled to see local manufacturers across the country build their businesses by being a part of the Xometry Partner Network and securing orders from coast to coast.”