Xometry, a Gaithersburg, Md.-based on-demand manufacturing marketplace, completed an $75M equity funding.
The round was led by funds and accounts advised by T. Rowe Price Associates, Inc. Durable Capital Partners LP and ArrowMark Partners also participated in the round, along with previous venture and strategic investors BMW i Ventures, Greenspring Associates, Dell Technologies Capital, Robert Bosch Venture Capital, Foundry Group, Highland Capital Partners, and Almaz Capital. Following a $55M Series D in 2019, this new funding round brings Xometry to $193M in total funding since its founding in 2013.
The company intends to use the funds to accelerate business growth through investments in its software platform, new products, and other initiatives.
Xometry also announced that Jim Rallo has joined the company as Chief Financial Officer. Rallo previously served as CFO and President of Liquidity Services, leading the company’s initial public offering in 2006.
Led by Randy Altschuler, CEO, Xometry provides an on-demand manufacturing marketplace that uses proprietary AI algorithms to connect engineers and product designers with optimal manufacturing solutions. The company offers a set of manufacturing capabilities, including over 60 metal and plastic 3D printing materials, CNC machining, injection molding and sheet metal. These capabilities are delivered through a network of over 5,000 manufacturers to a diverse customer base, ranging from startups to Fortune 100 companies. Customers include BMW, Dell Technologies, General Electric, Bosch, and NASA.
Xometry acquired Munich-based Shift in December 2019 as part of its global expansion strategy. The company also recently launched the Xometry Advance Card, which provides upfront payment to improve the cash flow of manufacturers taking jobs through the platform.