The Munich-based platform startup Shift has been acquired by the US company Xometry. The Munich-based company has developed a brokerage platform for metal and polymer products. Previous investors include BMW i Ventures, Bosch, and Cherry Ventures.
Only recently Munich Startup had the founders of Shift about their company history. The Munich-based company, which specializes in CNC (Computerized Numerical Control) parts distribution, has now been acquired by Xometry. The purchase price is unknown.
Xometry itself is a US-based marketplace for contract-based, industrial product manufacturingFounded in 2013, the American startup raised around $50 million in venture capital for international expansion in spring 2019. With the acquisition of Shift, the Americans aim to gain a foothold in the European market.
Founding team stays in the company
Shift will continue to operate under the same management as the three founders Dmitry Kafidov, Albert Belusov, and Alexander Belskiy under the name 'Xometry Europe'. The company's headquarters will also remain in Munich. Investor Cherry Ventures will become a co-owner of Xometry following the Shift acquisition.
The startup will continue to supply major customers such as Dell, NASA, and BMW with production parts made of steel, aluminum, polymers, and other materials. Customers place orders for the manufacturing of parts via the digital platforms. Suppliers from the network then select suitable production orders. The platform will offer various production processes for this purpose—in addition to CNC, now also 3D printing and die casting. Contract awarding will be further simplified with the help of artificial intelligence (AI), among other things.
Xometry technology expands Shift's original business area
Alexander Belskiy, Founder of Shift and designated technology leader of Xometry Europe, explains:
“We see great opportunities for the use of Xometry’s technology in the European market.”
Also Albert Belousov, one of the two future managing directors, says confidently:
“Our customers and suppliers will benefit from our joint work.”
