A number of companies over the past several years have proclaimed that they have the answer for resurrecting manufacturing in the U.S. Unfortunately, several of these efforts have turned out to be little more than chest beating without much real substance. Then, a company came along about four years ago that really had a concept and plan for making a difference for the future of manufacturing in the U.S. – Xometry.
Xometry, the largest on-demand manufacturing platform, announced earlier this month that it has acquired MakeTime, another leading on-demand manufacturing company. This acquisition brings together the country’s two top manufacturing network platforms. The combined company will operate under the Xometry brand name and have offices in Maryland and Kentucky.
The acquisition will allow Xometry to grow its national partner network of manufacturers from 1,100 to more than 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 $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 of $63 million to date.
Xometry and MakeTime: The Future of Manufacturing
“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.”