Xometry Acquires MakeTime, Adds $25M to Fuel GrowthKAM
Xometry, the largest on-demand manufacturing platform, announced that it has acquired Lexington, Ky.-based 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 over 2,300 while gaining MakeTime’s enterprise product expertise and features 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 $63 million.
“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 as enhanced product features.”
“We’re excited at the prospect of joining forces with Xometry,” said Parrish. “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.”
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