GE Ventures Grants Funding to Machine Capacity-Sharing Platform
Xometry networks SMEs with customers in need of on-demand custom parts.
Xometry (Gaithersburg, Maryland), an on-demand manufacturing marketplace, has secured new funding from GE Ventures and existing investors to reach a total of $23 million. The infusion of capital will allow the company to accelerate investment in the software platform powering its manufacturing partner network.
Xometry’s nationwide network of manufacturing partners fulfill orders placed through the company’s online platform, which instantly provides pricing, lead times and manufacturability feedback. The e-commerce platform overhauls a previously time-intensive and inefficient process, the company says. It does this by connecting small to medium sized manufacturers (SMEs), a $50 billion plus market at the heart of the American manufacturing sector, to customers in key American industries, including aerospace, automotive, defense, medical, technology and telecommunications.
“We created a marketplace by creating price clarity where none existed,” says Randy Altschuler, co-founder and CEO. “We thought, if you can buy groceries and order a car off the internet, then why not custom parts?” Xometry acts as the network orchestrator, enabling engineers and designers to connect with vetted manufacturers who can produce quality parts. Like ride-sharing apps, the platform connects customers to manufacturers with available capacity around the country.
“GE Ventures is excited to support Xometry’s vision to transform American manufacturing,” says Ralph Taylor-Smith, managing director of advanced manufacturing with 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 the easy-to-use interface.”
The platform has over 4,000 customers and a nationwide network of manufacturing partners across 35 states. Manufacturing partners can join the network at no cost and there is no bidding for jobs. Facilities receive notifications about orders that fit their specific capabilities.
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Applying “intelligent algorithms” to part geometry and linking to appropriate sources of other required information can make the job-quoting process faster, more accurate and more likely to be competitive.
The changing demands of aerospace companies have prompted machine shops such as this one to evolve their processes and equipment to become more competitive.