Xometry Acquires MakeTime
The combined company brings together two on-demand manufacturing network platforms and will operate under the Xometry brand name.
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Xometry has acquired MakeTime, bringing together two on-demand manufacturing network platforms. The combined company will operate under the Xometry brand name and have offices in Maryland and Kentucky.
The acquisition will enable 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 its 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 $25 million 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 $63 million.
"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," says 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 surpassing 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.
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," Levine says. "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."
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