US-based on-demand manufacturing platform Xometry has received $50m in funding from investors including corporate venturing subsidiaries of computing equipment manufacturer Dell, carmaker BMW and industrial and power technology producer General Electric.
Dell Technologies Capital, BMW i Ventures and GE Ventures joined venture capital investment platform Greenspring Associates, which led the round, as well as Maryland Venture Fund, Foundry Group, Highland Capital Partners, Almaz Capital and unnamed existing investors.
Formerly known as as Nextline Manufacturing, Xometry runs an on-demand portal that enables manufacturing partners to offer their services to clients including engineers and designers.
The company also operates a marketplace called Xometry Supplies that enables manufacturers to purchase the materials and tools that they require.
The capital will support growth initiatives, product development and global expansion as Xometry looks to expand the reach and breadth of its marketplaces and associated services.
Hunter Somerville, general partner at Greenspring Associates, has joined the company’s board of directors in connection with its investment.
Xometry has now raised $113m altogether. Foundry Group led its last round in July 2018, when it secured $25m from investors also including GE Ventures, BMW iVentures, Almaz Capital, Highland Capital Partners and Maryland Venture Fund.
BMW iVentures led a $15m round for the company in July 2017 that also featured GE Ventures and Highland Capital. The latter two had contributed to a $14.2m round five months earlier, the latter as an existing backer.