Xometry Announces Acquisition of MakeTime, New Funding Campaign
Xometry announces the acquisition of MakeTime, doubling its network of partner manufacturers and beginning a $25 million funding campaign.
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Xometry recently announced that it has acquired MakeTime, bringing together the two on-demand manufacturing network platforms under the Xometry brand name. The combined company will have offices in Maryland and Kentucky.
The acquisition will allow the company 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-on and Shop Advantage program. Drura Parrish, MakeTime founder and CEO, will join Xometry as executive vice president for the platform.
Foundry Group, one of MakeTime’s investors, will lead a new $25 million round of funding for the newly-combined company, including contributors Almaz Capital, BMW i Ventures, GE Ventures, Highland Capital Partners and Maryland Venture Fund. To date, Xometry has raised a total of $63 million. Foundry Group’s Seth Levine will join the company’s board of directors.
“This acquisition will provide our customers with access to massive capacity through the industry’s largest distributed manufacturing network as well enhanced product features,” says Randy Altschuler, co-founder and CEO of Xometry.
Xometry recently reached 10,000 customers encompassing industries such as aerospace, automotive, consumer and medical devices. In the first five months of 2018, Xometry more than doubled both its revenues and bookings compared to the same period in 2017.
