GAITHERSBURG, MD — Xometry, an e-commerce marketplace connecting engineers with manufacturers, disclosed Wednesday that it has secured $7 million from GE Ventures, Highland Capital Partners and other investors, bringing the company’s total funding to $23 million.
Xometry filed a Form D disclosing $7 million in equity and preferred stock convertible to common stock sold to undisclosed investors. Later Wednesday, Xometry released a press release that announced funding from GE Ventures and others.
The Gaithersburg-based company plans to invest some of the money into its e-commerce platform, which allows customers to upload a 3D file of the part they need. The platform instantly provides pricing, lead times and manufacturing feedback. Customers are then connected to small and medium-sized manufacturers in the aerospace, automotive, defense, medical, technology and telecommunications industries.
“We created a marketplace by creating price clarity where none existed,” said Randy Altschuler, co-founder and chief executive officer of Xometry. “We thought if you can buy groceries and order a car off the internet, then why not custom parts?”
Xometry incorporated in 2013 and has since done business with NASA, P&G, General Electric and Toyota.
“GE Ventures is excited to support Xometry’s vision to transform American manufacturing,” said 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.”
Xometry has manufacturing partners in 35 states and over 4,000 customers. The company opened an office in Bethesda early last year.
Xometry’s form D can be found here.
This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism