Vision Fund leads Series D for China dental 3D printing player
SprintRay, a China-based 3D printing company that specialises in orthodontics, has raised a USD 100m Series D round led by Softbank Vision Fund 2.
Other new investors include Yiheng Capital and ZWC Partners, while the likes of CD Capital and Marathon Venture Partners re-upped.
Founded in 2013 in Zhejiang province - and also known as Soonsolid Technology or Xunshi Technology - the company initially served customers across a variety of industries, such as dental, education, manufacturing, and construction industries. It subsequently became a dental expert.
In 2019, SprintRay raised over CNY100 million ($14m) in Series B funding from CD Capital and Marathon. This was followed by a Series C in 2020 from Guoshou Chengda Health Industry Equity Investment, Kalends, Qianhai FoF, Sinopharm Capital, and CAS Star Venture, according to AVCJ Research. A Series C extension, featuring Shunwei Capital, closed last year.
SprintRay claims its dental business alone has seen compound annual growth of 80% over the past five years. The company claims a 50% share of the US orthodontics market, having shipped more than 10,000 products there.
There are 700 staff, of which one-third focus on R&D. The customer base includes 8,000 registered dentists.
SprintRay offers an end-to-end service for dental professionals comprising 3D printers, software, resin materials, and artificial intelligence-enabled design solutions. Sales of 3D printers, materials, and design services account for the bulk of revenue, with design services being the fastest-growing part of the business.
The company caters to customers in Europe and China, as well as the US, and it is looking to expand into Australia, Japan, India and the Middle East.
In 2021, the global dental printing market was worth USD 3.5bn. It is expected to reach USD6.6bn in 2025, according to data services provider Smart Tech.
Other players in this space in China include Prismlab, which closed a CNY 200m (USD 29m) in Series C round led by Qiming Venture Partners in August.
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