China-based 3D printer maker Snapmaker raised ¥24 billion (¥10 billion) in new funding. Revenue reached 10 times the year-earlier level following the success of its latest model, the U1.
China-based 3D printer maker Snapmaker completed a ¥24 billion (¥10 billion) funding round led by Kaihui Fund, with existing shareholders including TAL Education Group's strategic investment division also participating. The funding is considered large in scale for the consumer hardware sector.
The new flagship U1 features four independent toolheads and a revamped system for multicolor and multi-material printing using a tool-switching system called SnapSwap. After attracting more than 20,000 backers on Kickstarter and raising a total of $20.61 million, the company established a mass-production and shipping operation. More than 100,000 units have now been shipped.
Snapmaker has raised funds through crowdfunding since its early days and built a track record that includes its flagship Snapmaker 2.0 winning an innovation award at CES. Through the U1, the company is highlighting reductions in material waste and improvements in printing efficiency, longstanding challenges in multicolor and multi-material printing, and is strengthening its position in the consumer desktop 3D printer market.
The company has indicated that it plans to build an ecosystem in addition to offering products, encouraging recurring purchases of consumables and user retention through a content community. It also aims to lower the barrier to making things through the use of AI, with the goal of creating a future in which anyone can freely give form to their ideas.