July 6, 2015
Lexington, KY based startup, MakeTime connects makers with the machines that they need. The company recently raised $2.65 million in a Series A Round led by Almaz Capital and included participation from Kentucky Science & Technology Corporation (KSTC).
MakeTime has created a marketplace where machine time for a variety of different manufacturing jobs on computer numerical control (CNC) machines can be bought and sold. Sellers list their idle machine time with an hourly rate on the Seller’s Marketplace and buyers can go to the marketplace and buy time outright. There’s also a place where buyers post their projects and a notification will be sent to manufacturers who can then bid on that project.
Drura Parrish, CEO and Founder, said in a statement, “We are extremely excited to put these funds to work building a world class product and make possible a new industrial revolution.” Jeffrey Markowitz, COO, added, “This funding is a great vote of confidence in MakeTime by Almaz, KSTC and our early investors.”
The company launched in November 2014. Their marketplace currently has over 400 manufacturers, representing more than $2.5 billion in buyer-side demand and over 2 million hours of capacity. The platform is designed specifically for on-demand requests in order to save time and money in manufacturing.
“MakeTime represents a compelling opportunity to transform the trillion dollar manufacturing industry with added transparency, scalability and cost reduction made possible through today’s digital advancements,” said Daniil Stolyarov, Almaz Capital Investment Director, in a statement. “The team comes from the inside of the industry, has an extensive network and understands how to address the problems manufacturers face — namely responding to fickle consumer demands. Domestic manufacturers traditionally were built for a made-to-stock world; however, global consumer demands require just-in-time solutions.”
Most requests for machine time are still done the old fashioned way. However, the world is becoming increasingly on-demand, and the manufacturing industry can’t afford to be left behind. MakeTime is working to increase efficiency and production in this industry on both the end of the maker and the machine owner.
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