MakeTime Raises $2.65 Million in Series 'A' Funding

 MakeTime Inc. announced a $2.65 million "Series A" round of funding allowing it to build on current momentum with increased sales, marketing and product efforts.

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 MakeTime Inc. 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.

The online marketplace connects buyers and sellers of hourly capacity on 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.

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 Drura Parrish, founder and CEO. 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.

"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," Mr. Stolyarov says. "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."