Fussen Technology, a Leading Digital Dentistry Company, Completes CNY Hundreds of Millions Series C Funding Round Led by Sequoia China

Shenzhen Feisen Technology Co., Ltd. (hereinafter referred to as “Feisen Technology”), a leader in China’s digital dentistry industry and a provider of comprehensive digital dentistry solutions, recently announced the completion of its Series C financing round, amounting to hundreds of millions of RMB. The round was led by HongShan, with participation from existing and new investors including funds under CICC Capital, Kaiyuan Guochuang, Qianhai Fund of Funds, and Ping An Ventures.

CEC CAPITAL served as the exclusive financial advisor to Shenzhen Feisen Technology Co.,Ltd. in this transaction.

The success of this financing round underscores the strong recognition by China’s top-tier star funds of domestic digital dentistry leaders with a global perspective, while also highlighting CEC CAPITAL’s dominant position in the digital healthcare investment and financing sector.

Founded in 2010, Feisen Technology entered the market with digital dental imaging equipment and SaaS systems as its entry point. It has built a comprehensive digital dentistry platform that connects upstream and downstream industry resources, provides high-value-added dental data services, and establishes a 3D dental design platform. Ultimately, it achieves full coverage of solutions for terminal dental products—including implants, orthodontics, and digital aesthetic restorations—thereby constructing an industry-leading new ecosystem for digital dentistry.

Currently, Feisen Technology’s three core business segments all hold leading positions in the industry: Its sales network for digital dental imaging equipment covers 29 provinces and municipalities across China, with nearly 100 signed distributors, and the company is actively expanding its overseas sales network. The “Dentist Manager” SaaS tool has reached over 400 cities and more than 80,000 dental clinics; under the Feisen brand, the “Dentist Manager” SaaS system serves over 23,000 active clinic users. It commands a market share of over 50% among specialized dental hospitals and over 30% among medium-to-large dental chains, while leading the industry by a wide margin in key metrics such as installed base, market share, and number of high-frequency active users across various segments, including small and medium-sized clinics. The consumables supply system, launched in early 2018, now serves more than 20,000 end-users, marking the initial formation of a new digital dentistry ecosystem.

Shenzhen Feisen Technology Co.,Ltd. stated: “The dental industry is the fastest-growing specialty sector in China, with an annual growth rate exceeding 20%. The market for dental medical equipment and related products and services in China is projected to surpass RMB 400 billion by 2020. However, the dental industry as a whole remains fragmented, with prominent pain points. Pain points in the distribution channel are mainly characterized by low market concentration, a large number of suppliers, and uneven product quality. Pain points for end-user clinics are primarily manifested in small scale, dispersed locations, chaotic internal management, and high customer churn rates. Pain points across overall service offerings are reflected in heavy reliance on dentists, high labor costs, and low levels of digitalization. Addressing these most profound industry pain points, we aim to digitally upgrade the supply chain and enhance the service and management capabilities of end-user clinics, thereby facilitating integration between upstream and downstream segments of the industrial chain. Over the next two years, we will accelerate the development of our digital design platform, enable real-time communication between doctors and patients, empower design and manufacturing processes through digital technologies, build a digital terminal product industrial chain, and expedite the construction of a digital dental ecosystem.”

Commenting on this investment, Zhou Kui, Partner at HongShan China Fund, stated: “The company possesses advantages in its platform, brand, and resources that far surpass those of its competitors. The founding team brings extensive industry experience and actionable industrial vision. As the company continues to expand its presence in imaging equipment, the Dental Steward platform, supply chain, and terminal clinics, we are optimistic about Feisen’s construction of a new ecosystem for the entire dental industry value chain in the digital era. We are even more confident in the company’s potential to become an industry leader and a consolidator of industry value.”

As the investment banking advisor for this transaction, Li Gang, Partner at CEC CAPITAL, stated: “China’s dental healthcare market exceeds RMB 100 billion in size, and Feisen Technology is one of the few domestic companies capable of integrating upstream and downstream segments of the industry to achieve full-process management and industrial synergy. In just a few years, the company has achieved coordinated development of software and hardware, continuously expanding its boundaries and leveraging digitalization to empower the entire industry chain. Looking ahead, the company will further extend its offerings into consumer-facing products and solutions. We strongly endorse the company’s vision and strategic layout. CEC CAPITAL is honored to have assisted Feisen Technology in completing this financing round and is confident in our ability to support the company’s long-term growth into a global leader in the dental industry.”

As a new investor in this financing round, the project team at CICC Capital stated that dentistry is one of the sectors in China’s healthcare industry with a high degree of marketization, significant market potential, and rapid technological iteration. Feisen Technology entered the market through software services and has since established three core business segments: medical imaging, SaaS, and dental supply chain, progressively achieving integration across the entire industry chain. CICC Capital remains bullish on the market potential of China’s dental sector in the context of digitalization and the competitive moats the company has already built.

Following this round of financing, Feisen Technology will accelerate the merger and acquisition of upstream and downstream industrial resources, develop its digital design platform, and expedite the expansion of its coverage from dental digital hardware and software infrastructure to consumer-facing end-product solutions, ultimately achieving an ecosystem layout with a fully integrated industry chain.

Sequoia Capital has always been committed to helping entrepreneurs build enduring, great companies by bringing its member enterprises abundant global resources and valuable historical experience. Over the past 48 years, Sequoia Capital has invested in numerous innovative enterprises and leaders shaping industry trends. As “entrepreneurs behind entrepreneurs,” Sequoia China focuses on investment opportunities in four sectors: technology/media, healthcare, consumer goods/modern services, and industrial technology. Over the past 15 years, Sequoia China has invested in nearly 600 companies characterized by distinct technological features, innovative business models, and high growth potential.

CEC Capital is a leading new-economy investment bank in China, focusing on three core sectors globally: TMT, consumer, and healthcare. Beyond its investment banking services, CEC Capital manages both an RMB fund and a USD fund. The firm maintains offices in Beijing, Shanghai, Los Angeles, and San Francisco, and holds licenses to operate in the U.S. securities market. Healthcare is a key focus area where CEC Capital possesses significant competitive advantages. Its profound understanding and insight into the healthcare sector and its investment logic are underpinned by extensive transaction experience and a team composed of top-tier industry talent.