Metalloprotease that plays key roles in regulating the formation of the extracellular matrix (ECM) via processing of various precursor proteins into mature functional enzymes or structural proteins (PubMed:33206546). Thereby participates in several developmental and physiological processes such as cartilage and bone formation, muscle growth and homeostasis, wound healing and tissue repair (PubMed:32636307, PubMed:33169406). Roles in ECM formation include cleavage of the C-terminal propeptides from procollagens such as procollagen I, II and III or the proteolytic activation of the enzyme lysyl oxidase LOX, necessary to formation of covalent cross- links in collagen and elastic fibers (PubMed:31152061, PubMed:33206546). Additional substrates include matricellular thrombospondin-1/THBS1 whose cleavage leads to cell adhesion disruption and TGF-beta activation (PubMed:32636307). {ECO:0000269|PubMed:31152061, ECO:0000269|PubMed:32636307, ECO:0000269|PubMed:33169406, ECO:0000269|PubMed:33206546}. [Isoform BMP1-3]: Plays an important role in bone repair by acting as a coactivator of BMP7. . This is the function of Ensembl gene identifier ENSG00000168487 (BMP1, bone morphogenetic protein 1).