Xometry Inc. has its sights set on building out and expanding its on-demand manufacturing marketplace into Europe, letting more companies order custom-made parts from a network of more than 3,000 manufacturers.
With several large investors already behind it—including the likes of BMW AG, General Electric Co. and Dell Technologies, each of which is also a customer of Xometry’s manufacturing services—Xometry continues to drum up major financial backers. Last week, it received a $5 million investment from Robert Bosch Venture Capital, or RBVC, the investment arm of global manufacturer Bosch Group. The Bosch investment brought Xometry’s Series D investment round up to $55 million, bringing its funding to date to $118 million.
“Global expansion is one of our key upcoming initiatives and we look forward to leveraging Bosch’s deep manufacturing expertise as we launch in Europe” later this year, says Randy Altschuler, co-founder and CEO of Xometry. Like BMW, GE and others whose investment arms support Xometry, Bosch uses Xometry as a source for its manufacturing needs.
Faster time to market
“Any company that produces a physical product, including Bosch, can benefit from on-demand manufacturing provided by Xometry to shorten new product development cycles, accelerate time to market, and simplify logistical supply chain and procurement processes,” says Ingo Ramesohl, managing director for RBVC. “Additionally, as new manufacturing technologies become available, they are quickly adopted by the Xometry manufacturing partner network—providing fast access to these emerging technologies.”
Ramesohl adds that the more than 10,000 buyers on the marketplace benefit from Xometry’s trademarked Instant Quoting Engine, which is designed to analyze the geometry of 3D and computer-aided design (CAD) product models customers upload to Xometry.com, then provide an instant price quote from multiple suppliers, design feedback and a delivery date. Xometry uses artificial intelligence and algorithms, along with its historical data on products manufactured by companies participating in its marketplace, to match customers’ orders with the best available manufacturer.
Ramesohl says Xometry’s automated method of processing bids enables participating sellers of manufacturing services to often bid on work for large corporations they otherwise might not be able to access, while freeing their staffs from bidding on jobs they may be unlikely to win.
Using AI to keep learning
Xometry’s participating manufacturers provide such services as 3D printing, sheet metal fabrication and other forms of custom manufacturing. Xometry’s customers range from startups to major multinational corporations and large government agencies, including the United States Army and NASA, the National Aeronautics and Space Administration.
Bill Cronin, Xometry’s chief revenue officer, says Xometry uses its AI and algorithms to constantly learn about supply and demand in its market, with a new growing focus on Europe, and expects to benefit from Bosch’s experience in global manufacturing.
Xometry is also expanding the types of manufacturing services it offers. Last year, it made available 3D printing with HP Inc.’s HP Multi Jet Fusion technology, with which Xometry’s manufacturing network can produce custom parts in as little as one day. “We’re now looking at new capabilities we can launch,” Cronin says.
As on-demand manufacturing continues to evolve, it will “enable more complex products and processes to move into an on-demand format,” Ramesohl says. He adds that Xometry’s new Xometry Supplies procurement portal, where participating on-demand manufacturers can purchase their own manufacturing materials, tools and equipment, is helping manufacturers operate more efficiently by letting them quickly access the materials Xometry’s software platform shows to be in demand.
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