BMW i Ventures, the strategic investment arm of automotive manufacturer BMW, has led a $15m round for US-based on-demand manufacturing platform Xometry.
The round, which took Xometry’s total funding to $38m, also featured GE Ventures, the corporate venturing subsidiary of industrial product and appliance manufacturer General Electric, and venture capital firm Highland Capital Partners.
Xometry has developed a machine learning-equipped software platform that allows designers to upload a 3D model of their product, at which point it gives them feedback as to where customer parts can be sourced or produced, as well as data concerning pricing or lead times.
GE and BMW are both among the company’s 5,000-strong customer base, and it will invest the latest funding in strengthening its platform and expanding its sales team and its network of manufacturing partners.
Randy Altschuler, Xometry’s CEO, said: “We are accelerating our efforts to provide additional features to our online platform, making it easier for engineers and procurement managers to conveniently order a wide range of parts delivered by our expanding network of hundreds of manufacturers across the nation.”
Zach Barasz, a partner at BMW i Ventures, will join Xometry’s board of directors in conjunction with the round. GE Ventures had previously invested in the company as part of a February 2017 round that was up to $14.2m in size, and which included Highland Capital.