SprintRay Parent Xunshi Tech Files IPO Prospectus Amid Digital Dentistry Boom
The oral care industry is undoubtedly one of the hottest niche sectors in recent years.
The data alone offers a glimpse into the sector’s fervor. According to the “2020 White Paper on Dental Healthcare” released by VCBeat,China's oral healthcare services market reached approximately RMB 140 billion in 2018, representing a year-on-year growth of about 24%.Behind this lies the advent of population aging in China, coupled with heightened health awareness and increased purchasing power among residents. Against this backdrop, demand for dental medical services is expected to continue rising.
However, due to issues such as a shortage of dental professionals and low levels of informatization, the efficiency of the oral healthcare industry still requires substantial improvement. Research findings from VCBeat indicate that China’s oral healthcare sector still lags behind its counterparts in developed European and American countries in terms of overall digitalization. It is important to note that,The level of digitalization in the dental industry often determines the upper limit of downstream clinical service quality in dentistry.
Consequently, numerous enterprises have stepped up their efforts to enhance industry-wide efficiency through digitalization, with the aim of delivering a superior medical service experience to dental patients.Among the members of this team is Zhejiang SprintRay Technology Co., Ltd. (hereinafter referred to as “SprintRay”), a global high-tech conglomerate centered on the research and development of 3D printing equipment and materials, offering a wide range of 3D printers, peripheral devices, consumables, and digital medical diagnosis and treatment solutions.
Since its establishment in 2013, SprintRay Co. has consistently garnered strong support from government entities and the investment community. The company has successfully secured Series C financing, with investors including prominent institutions such as Chende Capital, Yuanyi Capital, China Life Health Industry Fund, and Sinopharm Capital. It maintains branches or offices in multiple locations worldwide, including the United States, Germany, France, Guangdong, Shanghai, and Hangzhou.
How did SprintRay Co. achieve rapid growth in just eight years? What digital dentistry expertise has it accumulated to date? What are its insights into the industry? To address these questions, VCBeat conducted an exclusive interview with Jin Liang, Founder and CEO of SprintRay Co., seeking answers.
What Does Digital Dentistry Really Mean for Dentists? At its core, it enhances the efficiency and convenience of daily clinical practice while improving patients’ treatment experience, thereby significantly driving the upgrading of the entire oral healthcare industry.It is precisely for this reason that digital dentistry has attracted increasing attention from investors in recent years.
“Digital dentistry is on a high-growth trajectory, and SprintRay Co. is honored to be deeply engaged in this field.” Reflecting on the choice of direction during the early stages of entrepreneurship, Jin Liang told VCBeat that SprintRay Co. did not initially pinpoint a specific niche but instead focused on 3D printing technology. “We founders made numerous attempts at the outset, including 3D-printed human portraits, but found the results unsatisfactory.”
Amid repeated setbacks, Jin Liang and his team repeatedly reflected on where the true advantages of 3D printing lie. “We discovered that3D printing excels most in personalized customization., from a dental perspective, each person's teeth are unique, making such products highly suitable for 3D printing. Additionally,Whether there is a rigid demand for 3D-printed products has become the key to commercialization.“, and the market for oral health needs has been experiencing rapid growth, so there is considerable potential for commercialization,” said Jin Liang. It was from this period that SprintRay Co. solidified its direction and continued to deepen its involvement in the field of dental 3D printing.
The facts have proven that SprintRay Co.’s judgment was correct. Since focusing on the digital dentistry sector in 2015, SprintRay Co. has ushered in a period of rapid development.To date, SprintRay Co. has achieved a compound annual growth rate (CAGR) in revenue exceeding 50%, partnered with multiple leading international enterprises, and grown its global workforce to over 400 employees, nearly 40% of whom are R&D personnel.
“Having entered the field of digital dentistry, our understanding of this industry has deepened. On the other hand, we also recognize that there is an ever-growing amount to learn, which reinforces our need to approach the industry with humility and respect,” said Jin Liang candidly. As SprintRay Co. continues to refine and deepen its expertise in digital dentistry, the team’s standards for products and services have risen accordingly. “We aim to better support dentists and enhance the overall efficiency of the industry.”
Upholding its original mission, SprintRay Co. has gradually emerged as a prominent player in the digital dentistry sector.
Beyond operating in the high-growth sector of digital dentistry, SprintRay Co.’s rapid development is primarily driven by its high-caliber team, products, and solutions.
“Looking at the broader context of 2013, the entire 3D printing market was just getting started,” said Jin Liang. “However, our team was already among the most competitive in the field of 3D printing technology R&D.” Specifically, among the four founders, there were two PhDs from the United States, one PhD from Singapore, and one master’s degree holder from Zhejiang University: Founders Zhang Jing and Amir had both conducted research on 3D printing technology at the Rapid Prototyping Laboratory of the University of Southern California; Dr. Bao Haifeng, another founder, brought over a decade of experience in photocurable resin development and held more than ten granted invention patents in the materials field; Founder Jin Liang also held dozens of domestic and international invention patents in the mechanical engineering sector.
Leveraging its team’s strengths, SprintRay Co. has developed integrated R&D capabilities spanning hardware, algorithms, and materials. To date, the company has filed more than 200 patent applications, secured over 20 invention patents, and submitted 8 PCT international applications.
In terms of product structure,SprintRay Co. has established a relatively comprehensive digital dentistry solution., and establish a global presence.
More specifically, SprintRay Co. has launched the SprintRay series of 3D printing equipment, which currently holds nearly a 50% market share in the U.S. dental market. To facilitate digital dental practice exchanges among dentists and enable feedback on issues encountered during use, SprintRay™, a brand under SprintRay Co., has established SprintRay Dental Users, the largest 3D printing communication platform for dentists in the United States, with over 5,000 active dentists on the platform.
Moreover, SprintRay Co. has established a one-stop digital dentistry service ecosystem. This system integrates the Cloud Dashboard 2.0, the Design Service platform, the internet (SprintRay™ official website), and the device family (SprintRay Pro 3D printer, Pro Wash/Dry washer-dryer, and Pro Cure curing unit) to create a digital dentistry Internet of Things (IoT), thereby achieving effective connectivity among users, machines, and devices.
SprintRay Co.’s Cloud Platform Dashboard 2.0 enables data collection, upload, and distribution. Most front-end operations, excluding treatment procedures, can be independently performed by nurses. Within the database, physicians can view printing history and consumable usage; clicking on high-demand consumables redirects them to the purchasing website (the official SprintRay™ website) to replenish supplies.
Design Service is a design platform tailored for dentists and clinics with limited digital design capabilities or busy schedules. It provides digital case designs for implants, orthodontics, restorations, and more. In addition to the aforementioned equipment and products, SprintRay Co. is currently developing multiple new products.Beyond hardware products, we also place great emphasis on serving and empowering dentists.“In Jin Liang’s view, what SprintRay Co. aims to do is provide dentists with more efficient solutions. ‘For example, when dentists find our products increasingly user-friendly and convenient, I believe we have taken another significant step forward.’”
The history of the development of oral health medical services is, to a certain extent, built upon the rapid advancement of technology and equipment.
Therefore,Amid the current wave of rapid digitalization in dentistry, China's oral healthcare industry is poised for an explosive growth period.According to data from the VCBeat database, more than a dozen digital dentistry companies in China secured financing in the primary market during the first half of this year alone, with total funding exceeding RMB 1 billion.
To promote this trend, China has been actively advancing the development of the oral health industry at the policy level. For instance, in 2019, the National Health Commission issued the Action Plan for Healthy Oral Health (2019–2025), calling for in-depth implementation of the “Three Reductions and Three Improvements” initiative for oral health.
“We have arrived at a favorable juncture, which presents both an opportunity and a responsibility,” said Jin Liang.Amidst the digital wave of the era, SprintRay Co. will remain true to its original aspiration and continue to provide dentists with more and better solutions.“After adopting our digital dentistry solutions, many dentists have found themselves worrying less and less, allowing them to devote their full attention to clinical diagnosis and treatment. Embracing digital dentistry has significantly improved time efficiency for both doctors and patients, enhanced patient experience, and boosted professional reputation.”
In summary,SprintRay Co. has made significant strides in both product portfolio layout and digital infrastructure development, and will continue to deepen these efforts.Based on this, we have reason to believe that as dental innovation forces represented by SprintRay Co. continue to make efforts, the “slow” dental industry will surely usher in “fast” development.