China’s rapidly growing consumer 3D printing sector has entered a VC funding arms race, with rumors of major tech investors taking notice. In August, we reported that Creality submitted an IPO prospectus for the Hong Kong Stock Exchange, and last month, news broke that drone maker DJI has invested in Elegoo. Rumors are swirling that multimedia tech giant Tencent is eyeballing a stake in Bambu Lab.
Today, Snapmaker confirmed it has secured “tens of millions in US dollars” in Series B funding. The round was co-led by Hillhouse Ventures and Meituan, with additional participation from Shunwei Capital, Longzhu Capital (Meituan), Nanshan Innovation Investment, and continuing support from existing shareholders Cowin Capital and Orient Securities Capital.
Shunwei Capital is notable for being the investment firm co-founded by Lei Jun, the billionaire co-founder, Chairman, and CEO of Xiaomi Corporation, and one of China’s most respected entrepreneurs. Xiaomi is the world’s third-largest smartphone manufacturer, behind Samsung and Apple. Often called the “Steve Jobs of China,” Lei Jun is well regarded as an angel investor.
Priced around $750 during the Kickstarter, U1 flew off the shelves and proved that consumers crave a speedy machine that respects their time, budget, and recycling can. It also spurred renewed interest in tool changers. Before the U1, the only consumer tool changer was Prusa Research’s prosumer XL, priced at $ 3,099 for a semi-assembled unit.
Shortly after the U1’s launch, Bambu Lab announced the seven-nozzle, filament-saving P2S, followed by Prusa Research revealing a partnership with Bondtech to turn its new CORE One into a more affordable eight-color tool changer.
This sounds like Snapmaker is not only planning to develop more tool changers, but is also going after Bambu Lab’s MakerWorld, a website that provides everything from filament and model files to spare parts for its users. Since Snapmaker is currently using Open Source OrcaSlicer for its software, we hope that Mr. Chen takes a page from the West and keeps the garden gate open to all makers.
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