On-Demand manufacturing marketplace xometry files for $100 million IPO

By Hemanth 10:01amOn-demand manufacturing marketplace Xometry filed to go public today. In doing so, the eight-year-old company, which plans to raise up to $100 million, joins other manufacturing firms, including Desktop Metal [DM-WT] and Markforged, in moving to the public markets.Xometry has not yet priced its shares, but was valued at $558 million at its last funding round led by T. Rowe Price TROW +1.5% in September 2020, according to venture-capital database PitchBook. It has raised around $200 million total.CEO Randy Altschuler, 50, a serial entrepreneur and failed Republican candidate for Congress in New York, started the company to bring those who need custom parts together with manufacturers that can create them, helped by artificial intelligence. The company booked $141 million in revenue last year and posted a $29 million operating loss, according to its registration statement with the Securities and Exchange Commission.Altschuler declined to be interviewed. He previously told TechCrunch that the Covid-19 pandemic had accelerated the need for distributed manufacturing. The Derwood, Maryland-based company has facilitated the manufacturing of more than 6 million parts for 43,000 buyers, according to its filing.Source: forbes