For the Record with Randy Altschuler, CEO, Xometry – Medical Alley Association

For the Record with Randy Altschuler, CEO, Xometry

Prior to co-founding Xometry, Randy co-founded and was Executive Chairman of CloudBlue, a leading provider of recycling services for electronic equipment. CloudBlue was acquired by Ingram Micro in September of 2013. Before CloudBlue, Randy was the co-founder and chief executive officer of OfficeTiger, a global BPO company. OfficeTiger was acquired by RR Donnelley in April of 2006. Randy is a member of the Regional Manufacturing Institute of Maryland’s (RMI) Board of Directors, representing the interests of manufacturers across the region. Randy graduated from Princeton University and received an MBA from the Harvard Business School.

Give us Xometry’s elevator pitch.

Xometry is a technology company that partners with more than 30,000 buyers in every conceivable industry, from autonomous and electric vehicles to aerospace and aeronautics, renewable energy, sustainable agriculture and medical device equipment makers. Our AI-driven marketplace matches buyers with more than 5,000 manufacturers globally, helping companies create resilient supply chains so they can bring goods to market faster, more efficiently and reliably. Xometry is where big ideas are built.

A core component of our AI-driven marketplace is our instant-quote feature, which allows buyers to get a quote and lead time on any part within seconds. We are ISO 13485 and ISO 9001:2015-certified and offer everything from prototypes to production parts for the medical device and other industries. Nearly 90% of Fortune 500 medical product and equipment companies trust Xometry to fulfill their needs.

Our global manufacturer network offers a range of services, from 3D printing to CNC machining and die casting for over 200 materials, with an additional 50+ finish types available to ensure parts meet exacting specifications.

What is one thing the Medical Alley community might be unaware of about Xometry that you think would be good to know?

Earlier this year, Xometry received its ISO 13485 certification. This represents our long-term commitment to helping all companies in the medical industry build the prototypes and production parts they need. We’ve also expanded our offerings in injection molding, urethane casting, 3D printing, and die casting to help better serve the medical industry.

How have the last few years changed Xometry for the long term?

Although Xometry is now a publicly traded company and continues to grow significantly, our mission has remained the same: To champion the manufacturers who build the big ideas that move our collective world forward.

We listen closely to our customers (buyers) and our partners (manufacturers) and we continue to innovate with new products and services that bring both sides even closer together. In June 2021, we went public on NASDAQ under the ticker XMTR and acquired a number of companies, including Thomas, the well-regarded leader in product sourcing, supplier selection and digital marketing services. Now in addition to working with Xometry, entrepreneurs and buyers at companies large and small can find suppliers for over 75,000 industrial products and services via Thomas.

Additionally, we have greatly expanded our suite of fin-tech products that allow manufacturers to add employees and take on new projects – all in the name of growth. We continue to expand the range of processes, materials and finishes we offer. We also expanded our quoting engine so that several new manufacturing capabilities can be instantly quoted from our website to ensure customers can quickly and easily get the products they need.

Recently, we introduced a cloud-based operating system and began offering it to manufacturers at no charge so that they can accelerate the digitization of their own operations. And we introduced the Industrial Buying Engine on the Thomasnet.com platform, allowing our customers to buy from suppliers without ever leaving the platform.

What are the big milestones to come in the next few years for Xometry?

As a publicly traded company, we can’t divulge too many forward-looking details but we can say that we are continuing to build our network and offer more processes, materials, and services to our customers. We are committed to growing our international footprint, allowing companies everywhere to create locally resilient supply chains that further their business objectives.

What does leadership look like to you?

Leadership is all about articulating our values and living them every day. At Xometry, we make it our goal to champion manufacturers, whose products and services are the foundation of our global economy.

When new employees join our organization, we share our key values and our mission and we explain how our decision-making process is shaped by the two. In meetings with my executive team, I embrace all robust and vigorous discussion around the ideas that will propel our company, our people and our industry forward.

What is the best advice you have received in your career? What is the worst?

Best advice? The customer is always right

Worst advice? The customer isn’t always right

What have been the most rewarding moments in your career?

I’ve had the honor to work with talented, hard-working and gracious people throughout my career. Equally inspiring is the impact we are having on small and medium sized manufacturers based throughout the United States and the world, and the communities in which they are based. I believe our work is helping to spur innovation in emerging industries such as renewable energy, space exploration and sustainable agriculture. And I am particularly heartened by the fact that, as a public company, we’re able to reward our employees with stock so that they become shareholders in their own company.

What is one personal goal for the upcoming year?

Ensure that my three children, ages 6, 11 and 15, have a happy and safe year.

How do you relax outside of work?

Spend time with my wife, three children and two dogs hanging out at home.

What do you enjoy most about the Medical Alley community?

We are excited to support the thriving medical community, especially medical device manufacturers in Minnesota and around the US. It’s an amazing feeling to help product developers innovate faster and better, shaving precious weeks and months off of innovation cycle times. With our medical manufacturing certification, we’re looking forward to getting more involved helping companies build tomorrow’s medical systems. The past few years have shown more than ever how crucial a healthy medical manufacturing sector is in the US, and we’re delighted to help the community continue to innovate and grow. We will be exhibiting at the ASME AM Medical Show, part of MD&M in Minneapolis Nov. 1-3. We hope to see you there!

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