Venture Capital News: Xometry Closes $8.8M Round
GAITHERSBURG, MD, Next-generation advanced-manufacturing company, announced today it has received $8.8 million in funding.
Xometry Inc., a next-generation advanced-manufacturing company, announced today it has received $8.8 million in funding led by Highland Capital Partners with participation from existing investors. The company will use funds to fuel ongoing R&D efforts and bring its best-in-class, proprietary software to new markets and clients.
In conjunction with the financing, Sean Dalton of Highland Capital Partners will join the company's board of directors. Dalton, a general partner at Highland, has extensive experience in guiding and growing technology companies to market leading positions. Dalton joins Randy Altschuler, Xometry co-founder and CEO, Xometry co-founder and CFO Laurence Zuriff, former CIA Director John Deutch, and George Hornig on Xometry's Board of Directors.
'With proprietary technology that increases the rate and efficiency of production we have attracted more than 1,200 companies to our diverse customer base,' said Randy Altschuler, Xometry's CEO and co-founder. 'We are very pleased Highland has recognized the extensive growth opportunities Xometry offers.'
'We could not be more excited about our investment in Xometry. With its customer focus, rapid growth trajectory, and disruptive go-to market strategy they are poised to revolutionize low-volume manufacturing,' said Sean Dalton of Highland. 'Xometry has many of the characteristics we saw in another Highland manufacturing success story, VistaPrint.'
Xometry, founded in the fall of 2013, is committed to bringing manufacturing back to America by using software to build a robust and scalable manufacturing program. Xometry employs a machine-learning approach to offer its customers the optimal manufacturing solution at the best price. For more information, visit www.xometry.com.
Xometry's diverse customer base of more than 1,200 companies includes blue-chip names such as General Electric, Lockheed Martin, Medtronic, MIT Lincoln Lab, NASA, Samsung, Stryker and the US Army.
In a September 2015 report, the Wall Street technology research firm Pacific Crest has identified Xometry as an 'interesting venture backed competitor...with the best prices and user experience,' versus its competitors both public and private.
About Highland Capital Partners
Founded in 1988, Highland Capital Partners is a global venture capital firm focused on putting the entrepreneur first. With offices in Palo Alto, Boston, and Shanghai, Highland has raised over $3 billion in committed capital and invested in more than 266 companies, resulting in category-defining businesses across consumer and enterprise technology. Investments include 2U, Handy, HourlyNerd, Jaunt, Malwarebytes, Qihoo 360, Rent the Runway, ShiftCars, SmartThings, ThredUP and VMTurbo. For more information, visit www.hcp.com.
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