SprintRay Secures Over $100 Million in Series D Funding to Advance Integrated Digital Dentistry Solutions
CASSTAR
Venture Capital Institution
Recently,“SprintRay Co.” Secures Over $100 Million in Series D Funding,This round was led by SoftBank Vision Fund 2, with participation from Yiheng Capital and Zhongwei Capital, among others. Existing shareholders Chende Capital and Yuanyi Capital continued to increase their investments. Additionally, “SprintRay Co.” completed a C+ financing round of tens of millions of RMB in April 2021, solely invested by Shunwei Capital.
“SprintRay,” founded in Shaoxing, Zhejiang in 2013, provides one-stop digital chairside solutions for dental practices. It currently holds over 50% of the U.S. market share in chairside dental 3D printing, with a five-year compound annual growth rate (CAGR) of nearly 80%.
Currently, the company has a team of nearly 700 employees, with R&D personnel accounting for approximately 35%. It has established teams in China, the United States, Europe, and other regions. Dr. Zhang Jing, the Company’s Chairman and CTO, and Dr. Amir, Head of SprintRay US, both conducted research on 3D printing at the Rapid Prototyping Laboratory of the University of Southern California. The Company’s CEO, Jin Liang, graduated from the Chu Kochen Honors College and the College of Mechanical Engineering at Zhejiang University, holding dual degrees in business management and mechanical design, and is the holder of dozens of domestic and international invention patents.
The company’s team has established long-term, close connections with the clinical community, boasting a loyal customer base of over 10,000 clinics. The SprintRay Dental Users group includes nearly 8,000 registered dentist members, who share clinical experiences and usage insights with their peers. This exchange not only enhances dentists’ engagement with digital equipment but also provides the company with valuable input on clinical workflows, pain points, and needs in dental practice, thereby guiding product iteration and new product development.
The company has over 10,000 3D printing devices installed in the United States, capturing more than 50% of the market share among existing installations.The company has built a comprehensive product portfolio, including the SprintRay Pro S 3D printer, resin materials, dental 3D printing software, Pro Wash/Dry, ProCure 2, digital design services, and the Dashboard 2.0 medical-technical interaction platform. Among these, the digital design services and AI-powered design help dentists significantly improve design efficiency and reduce operational costs, facilitating a smooth transition from traditional dental service workflows to chairside digital models.It is one of the few chairside one-stop dental digital solution providers in this niche segment.
Schematic Diagram of the Company's Product Family
The Company Has Built Five Major Barriers to Establish a Corporate Moat.
① Equipment: Dental 3D Printer Series, ProCure Series, ProWash/Dry
② Consumables: Collaborating with internationally renowned material manufacturers such as BASF and BEGO to continuously develop new materials that meet the demands of dental applications.
③ Workflow: Based on an understanding of clinical workflows, we provide a closed-loop solution covering the entire workflow. Compared to competitors, dentists benefit from the efficiency and product stability delivered by our comprehensive solution.
④ Design Services: In response to dentists' service needs, the company has developed design services and an interactive platform based on these services, thereby improving workflow efficiency, enhancing user stickiness, and increasing the lifetime value of active users.
⑤ AI-Driven Design: The company leverages AI-based deep learning for automated design to assist dentists with partial design tasks, thereby helping clinics reduce costs and improve efficiency. Capitalizing on the transformative trends of digital dentistry and its five major barriers to entry, the company has sustained a high compound annual growth rate.
Leveraging the transformative trends of digital dentistry in the dental industry and its five major barriers, the company has maintained a high compound annual growth rate.
The development of 3D printing and new materials has also brought new opportunities for “full-arch dental implants.” Under traditional implant techniques, the cost of full-arch dental implants can reach hundreds of thousands of yuan.OnX is a newly launched temporary dental material from the company, perfectly meeting the needs of American dentists in terms of flexural strength, impact resistance, wear resistance, and color properties.Widely favored by U.S. dentists, this new material is affordable and well within the financial reach of Chinese patients; it is expected to gain widespread adoption in China in the future.
Schematic Diagram of the Company’s Proprietary Material OnX
China is a high-potential market for the company’s future growth. Compared with North America, domestic dental laboratories hold significant advantages in the dental manufacturing segment and offer a more diverse range of services. Undaunted by challenges, the company is directly engaging the market, believing that a highly competitive environment will enhance its innovation and competitiveness, thereby delivering more efficient and convenient services to customers.In China, the company has currently expanded its user base to include a number of public hospitals, such as Shanghai Ninth People’s Hospital and Peking University School of Stomatology.
In terms of its business model, the company’s primary revenue streams consist of three segments: 3D printing equipment, consumables, and design services. Among these, design services have recorded the fastest revenue growth. The hardware portfolio includes not only 3D printers but also washing stations and curing cabinets. Regarding market presence, in addition to North America, Europe, and China, the company plans to expand into markets such as Australia, Japan, India, and the Middle East.
According to Smart Tech data, the global market size for dental 3D printing was approximately $3.5 billion in 2021 and is projected to reach $6.6 billion by 2025, assuming a compound annual growth rate (CAGR) of 15%. The niche segment in which the company operates has maintained an even stronger growth trajectory.