Xometry Updates Process Recommender To Its AI-Powered Instant Quoting Engine

Rhea-AI Summary

Xometry (NASDAQ:XMTR) announced an updated process recommender to its AI-powered Instant Quoting Engine, expanding coverage of manufacturing processes and improving accuracy. The new process recommender instantly analyzes the geometric features of CAD files, identifies the most appropriate manufacturing process, and configures the quote. Xometry's digital marketplace is rapidly reshaping the manufacturing industry with AI and machine-learning technologies.

Positive

• Xometry's deployment of new instant-quoting and fulfillment capabilities enables the company to offer an ever-expanding menu of manufacturing technologies.
• Xometry's partnership with Google Cloud to leverage Google’s Vertex AI reflects the company’s commitment to the development and deployment of new auto-quote methods and models.

Negative

• The press release does not provide specific data on the impact of the new process recommender on the company's financial performance.

• New Process Recommender Instantly Analyzes Geometric Features Of CAD Files On The Xometry Instant Quoting Engine® Making it Easier To Match Custom Parts to Manufacturing Processes
  
• Xometry Is Continuously Deploying New Auto-Quote Methods And Models To Its Two-Sided Digital Marketplace Benefiting Buyers And Suppliers And Strengthening Supply Chains
• With Its AI-Driven Marketplace, Supplier Services Platform And Suite Of Cloud-Based Tools, Xometry Is Rapidly Reshaping The Manufacturing Industry And Digitizing The Once-Lengthy Design-To-Production Process
  

NORTH BETHESDA, Md., Dec. 05, 2023 (GLOBE NEWSWIRE) --  Xometry (NASDAQ:XMTR), the global AI-powered tech marketplace connecting enterprise buyers with suppliers of manufacturing services, today announced an updated process recommender to its AI-powered Instant Quoting Engine, expanding coverage of manufacturing processes and improving accuracy.

As CAD files are uploaded to the Xometry marketplace, the new process recommender instantly analyzes the geometric features of the file, identifies the most appropriate manufacturing process for the customer, and configures their quote. The new recommender is also trained to assess a customer’s specific quote and order history, ensuring the best match for the buyer.

“Xometry is continuously deploying new machine learning models within its AI-powered Instant Quoting Engine for the benefit of both buyers and suppliers on our two-sided marketplace,” said Brendan Sterne, Chief Product Officer at Xometry. “Given the expansion of manufacturing processes supported by the Xometry marketplace, the updated process recommender is an important component to make it easier to match customer parts with the right manufacturing process. This helps engineers bring their custom-manufacturing projects to market faster.”

The new process recommender will analyze customer CAD files, and suggest the best process for the part, from processes including CNC machining, Injection Molding, Sheet Cutting, Die-Casting, Extrusion (plastic and metal), Stamping, 3D Printing and more. Xometry’s two-sided digital marketplace is transforming manufacturing with innovative AI and machine-learning technologies that are rapidly digitizing processes that once took weeks to get from design to production. The deployment of new instant-quoting and fulfillment capabilities enables Xometry to offer an ever-expanding menu of manufacturing technologies.

The new process recommender was developed in-house by Xometry and reflects the company’s ongoing commitment to the development and deployment of new auto-quote methods and models. Last month, in a separate move, Xometry announced a partnership with Google Cloud to leverage Google’s Vertex AI to help accelerate the deployment of new methods and models.

Xometry’s two-sided marketplace plays a vital role in the rapid digital transformation of the manufacturing industry. Xometry’s proprietary technology shortens development cycles, drives efficiencies within corporate environments and helps companies create resilient supply chains. Xometry’s product portfolio includes: its industry leading digital marketplace; popular Thomasnet.com® industrial sourcing platform, and cloud-based tools, including Xometry Teamspace, centralized project management software for large, mission-critical projects.

About Xometry
Xometry’s (NASDAQ:XMTR) AI-powered marketplace, popular Thomasnet industrial sourcing platform and suite of cloud-based services are rapidly digitizing the $2.4 trillion manufacturing industry. Xometry provides manufacturers the critical resources they need to grow their business and makes it easy for buyers to create locally resilient supply chains. The Xometry Instant Quoting Engine® leverages millions of pieces of data to analyze complex parts in real-time, matches buyers with the right suppliers globally, and provides accurate pricing and lead times. Learn more at www.xometry.com or follow @xometry.

Media Contacts:
IllumePR for Xometry
Illume@Xometry.com

Matthew Hutchison
VP, Global Corporate Communications
Matthew.Hutchison@Xometry.com

Investor Contact:
Shawn Milne
VP, Investor Relations
240-335-8132
Shawn.Milne@Xometry.com

FAQ

What did Xometry announce?

Xometry announced an updated process recommender to its AI-powered Instant Quoting Engine, expanding coverage of manufacturing processes and improving accuracy.

How does the new process recommender work?

The new process recommender instantly analyzes the geometric features of CAD files, identifies the most appropriate manufacturing process, and configures the quote.

What technologies is Xometry using to reshape the manufacturing industry?

Xometry is rapidly reshaping the manufacturing industry with innovative AI and machine-learning technologies.

What is Xometry's ticker symbol?

Xometry's ticker symbol is XMTR.

What recent partnership did Xometry announce?

Last month, Xometry announced a partnership with Google Cloud to leverage Google’s Vertex AI to help accelerate the deployment of new methods and models.