Robert Bosch Venture Capital, the corporate venture capital company of the Bosch Group, aims to advance in manufacturing with a US$55m investment in an AI-based on-demand manufacturing marketplace, Xometry.
RBVC joins other investors Greenspring Associates, Dell Technologies Capital, BMW iVentures, Foundry Group, and Highland Capital Partners.
According to RBVC Managing Director Dr. Ingo Ramesohl, “Xometry’s platform offers limitless capacity and matches jobs with the optimal supplier based on capabilities and past performance. This is of high relevance for companies like Bosch.”
Their platform utilizes artificial intelligence (AI) to match customers with assessed suppliers, generate pricing quotes and lead time estimates for manufacturing custom parts.
“Xometry’s instant quoting engine helps drive efficiency by leveraging AI algorithms to instantly generate a price, lead time, and manufacturability feedback.” says Dr. Ramesohl.
“We’re thrilled to expand our partnership with a world-class manufacturing brand like Bosch,” said Randy Altschuler, co-founder, and CEO of Xometry.
Xometry aims to utilise the additional funds to expand across Europe. With cash-ins from Greenspring Associates, Dell Technologies Capital, BMW iVentures, Foundry Group, and Highland Capital Partners, they now have raised $113m in total.
“Global expansion is one of our key upcoming initiatives and we look forward to leveraging Bosch’s deep manufacturing expertise as we launch in Europe.”