Foundry Group, Almaz Capital and KSTC Invest to Transform U.S. Manufacturing
LEXINGTON, KY–(Marketwired – May 3, 2016) – MakeTime, the manufacturing platform that monetizes machine capacity, today announced that it has secured an additional $8 million in funding led by Boulder-based Foundry Group with follow-on participation from Almaz Capital and Kentucky Science & Technology Corporation (KSTC). The company will use this investment to scale their ability to automate how things get made.
MakeTime delivers a unique fulfillment process that cuts production time up to 75% compared to traditional supply chain management. The platform enables qualified U.S. suppliers to monetize incremental capacity from idle machines by aggregating available hours across machine types.
MakeTime 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.
“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% 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. “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.”
“We’re excited to partner with the MakeTime team to build a great company in Kentucky,” said Seth Levine, investment lead and managing director of Foundry Group. “MakeTime combines the best attributes of successful marketplace businesses — leveraging unused capacity, and selling into a large market with significant latent demand. We couldn’t be more pleased with the chance to work with an industry-pioneering company working to define a new market.”
“We welcome Foundry Group as a partner and are glad to continue our support of MakeTime. Since our initial investment, the company has seen strong adoption across a variety of manufacturing industries, including automotive and aeronautics,” added Daniil Stolyarov, investment lead and director at Almaz Capital. “We look forward to being part of the company’s quest for making flexible and efficient on-demand manufacturing a reality.”
MakeTime® is the first manufacturing platform of turnkey CNC machining from qualified U.S. suppliers. With unprecedented visibility into incremental machine capacity, our unique distributed manufacturing model matches projects to localized production. Our integrated ecosystem also includes material sourcing and logistics scheduling at the point of production. Based in Lexington, KY, MakeTime drives profit on-demand for manufacturers and suppliers by transforming traditional supply chain management with intelligent automation. Learn more at www.maketime.io.
About Foundry Group
Foundry Group is a venture capital firm focused on investing in early-stage information technology, Internet and software startups. In addition to providing the necessary venture capital to get a company up and running, Foundry Group is committed to leveraging their experience in starting and growing companies, expertise in the technology industry, and network of relationships to help great entrepreneurs turn great ideas into great companies. Foundry Group is based in Boulder, Colorado, and invests in companies located across the United States. For more information, visit www.foundrygroup.com.
About Almaz Capital
Founded in 2008, Almaz Capital invests in early stage, capital efficient technology companies. The team connects entrepreneurs and engineering talent in untapped emerging tech regions working in high-growth sectors such as enterprise and cloud computing, mobile, internet infrastructure and services, data storage and management and ecommerce. For more information, please visit: www.almazcapital.com.