An on-demand industrial startup that's been described as the "Uber of manufacturing" announced Wednesday it had secured millions of dollars in additional funding from the venture-capital arms of BMW and GE.
The companies, along with Highland Capital Partners, have set their sights on Xometry – pronounced "Zometry" – for a $15 million investment to support a portal that connects buyers of customized manufactured parts with those who produce them.
In the Uber analogy, the passengers are individuals looking to buy specified manufactured parts. Company co-founder and CEO Randy Altschuler says his company has 5,000 customers using its product in fields such as aerospace, automotives, industrials and medical equipment. Using Xometry's software, buyers "can create something in a 3-D CAD file, upload it to our site at 2 o'clock in the morning on Sunday, and you can be given a price right away on how much that would cost and a delivery date," he says.
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