Qiming leads Series C for China 3D dental printing start-up
Prismlab, a China-based 3D printing company specialising in dental applications, has raised CNY 200m (USD 29m) in Series C funding led by Qiming Venture Partners.
Other investors include Jolmo Investment and BASF Venture Capital, the corporate VC unit of Germany-headquartered chemicals producer BASF.
When BASF Venture Capital backed the firm in November 2018, it was the investor’s first direct investment in China. The size of the deal was undisclosed. It followed funding from Shanghai Songjiang Venture Capital in June 2019, according to AVCJ Research.
Founded in 2005, Prismlab has developed a patented process involving LCD lights that is said to increase 3D printing resolution for large objects at a lower cost and without compromising printing speed. This advantage was expected to translate into opportunities in the footwear and furniture industries in particular.
The company then shifted focus to dentistry, offering invisible orthodontic braces as well as related digital solutions. It claims a 60% share of China's invisible orthodontic products market. In 2020, Prismlab started making dentures and launched a business-focused system that promotes intelligent digital production.
Another development milestone came through collaboration with BASF on customised resin materials now sold in more than 50 countries and regions.
The new capital will be used for domestic and overseas expansion, factory and product line upgrades, recruitment, and technology development, according to a statement.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.