MakeTime Inc., an online platform offering machine capacity for immediate purchase, today announced a $2.65 million Series A round of funding allowing it to build on current momentum with increased sales, marketing, and product efforts. The round was led by Almaz Capital and included participation from Kentucky Science & Technology Corporation (KSTC). The company has raised a total of $3.87 million since its inception in 2014. As part of the funding round, Daniil Stolyarov, Almaz Capital Investment Director, joins the MakeTime board of directors.
MakeTime is fueling a new Industrial Revolution in U.S. manufacturing. The online marketplace connects buyers and sellers of hourly capacity on computer numerical control (CNC) machines located across America. At MakeTime participants can buy and sell machine time by machine type, required/available hours, hourly rate, material type and date range.
Drura Parrish, CEO and Founder, said, “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 concept of purchasing manufacturing capacity digitally and by the hour is unprecedented. “Manufacturers are still invoicing with pencil and paper. There is a huge shift in consumer demographics and it's only a matter of time before current supply chain models are no longer sustainable. MakeTime is the solution where the focus is on-demand and just-in-time coupled with flexibility,” says Parrish. Manufacturers now have the power to expand both their capacity and capabilities with no capital expenditure and less risk while helping machine shop owners monetize idle time.
The company launched to the public in November 2014. Since then MakeTime has added over 400 manufacturers to the platform, representing more than $2.5 billion in buyer-side demand and over 2 million hours of capacity on quality computer numerical control (CNC) machines.
“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,” Stolyarov added. “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.”
MakeTime, based in Lexington, KY is the online marketplace that brings a focused solution to the fundamental manufacturing challenge: balancing capacity utilization during peaks and valleys of demand. Grounded in the capacity sharing model, buyers and sellers achieve true contract manufacturing scalability through the purchase and sale of machine time by the hour. Mid-sized, top tier, and OEM manufacturers operating at maximum capacity can buy supplemental machine hours, filling time on machines that would otherwise sit idle and dramatically reducing costs of overhead, sourcing, and lead times. For makers, designers, and entrepreneurs MakeTime offers unprecedented access to machines for small-run production and prototyping. All of these participants work together to build their own supply chains, finding trusted partners through MakeTime.
About Almaz Capital
Almaz Capital is an early stage investor in innovative technology companies. Its focus is investing in teams solving a range of problems for both enterprises and small businesses. In addition, the firm invests in consumer-facing businesses including Internet of Things, digital media and sensor technology. Almaz Capital implements a unique bridge model, finding talent and teams in diverse regions and helping them develop into global market leaders. Its portfolio includes market leaders such as Sensity (Internet of Things), Good Data (Business Intelligence), Jelastic (‘Cloudifying’ application development), GridGain (In-Memory Computing), Cinarra (Mobile advertising), and Yandex(Web Search). The fund's investors include Cisco, the European Bank for Reconstruction and Development, and International Finance Corporation, a member of the World Bank Group.