MakeTime, the start-up manufacturing platform that enables users to buy and sell unused machinery capacity, has secured an additional $8 million in funding, led by Boulder-based Foundry Group, with follow-on participation from Almaz Capital and the Kentucky Science and Technology Corporation (KSTC). The Lexington-based company intends to use the new investment to scale up its ability to automate how things get made.
“We are going to be investing a lot in our team, and looking to grow a world-class team here in Lexington,” said Christopher Rannefors, product marketing manager at MakeTime.
MakeTime’s platform enables qualified U.S. suppliers to monetize incremental capacity from idle machines by aggregating available hours across machine types. The company also streamlines procurement for manufacturers by matching a job to machine capacity. The platform automates matching by analyzing the part files of a job to determine machining requirements and uses the requested quantity and in-hands date to match the job with a single supplier, or distribute it across multiple suppliers.
Rannefors added that, with the additional funding, the company will be planning more integration with other software programs, which will enable customers to tie directly into MakeTime’s platforms and move more swiftly into production. The company has already developed a partnership with AutoDesk, working with its 3-D CAD/CAM software Fusion 360.
The recent $8 million infusion was an add-on to MakeTime’s Series A round of funding, which has been completed, Rannefors said.
“With this investment, MakeTime will advance its platform automation to help manufacturers bring more products to market. We’re also focused on helping our customers transition their own operations to smart infrastructure to stay competitive. Today, 60 percent of manufacturers on our platform are repeat customers who are overcoming common challenges in their industry with MakeTime,” said Drura Parrish, founder and CEO of MakeTime, in a release. “The backing of Foundry Group, together with our initial investors Almaz Capital and KSTC, fuels our mission to lead an industry shift in digital manufacturing.”
Currently the company employs roughly 50 people, including a small development team of less than 10 operating in a satellite office in the Ukraine.
MakeTime’s network of suppliers are currently based entirely in the United States, Rannefors said.
“But that’s not to limit us from becoming an international platform in the years to come, and that’s definitely what we think we will grow into,” he added.
For more information on MakeTime, check the company’s website at www.maketime.io.