The sector that Hillhouse and DJI are vying to invest in has quietly completed over 70 investments.

According to data from CVCapital CVSource, since the beginning of this year, there have been 75 investments in the 3D printing track in the domestic primary market, with a total of 59 related enterprises receiving investments. Compared with 55 transactions and 51 enterprises last year, there has been a significant increase (we have placed a table of some financing events this year at the end).

Statistics on the number of 3D printing financing events from 2020 to 2025. Data source: CVCapital CVsource

Statistics on the number of 3D printing financing enterprises from 2020 to 2025. Data source: CVCapital CVsource

Among these 75 financings, there were 41 early - stage financings at the A+ round and before, accounting for 54.7% of all financings.

Among the 59 invested enterprises, 15 are from Guangdong, accounting for 25.4%; 14 are from Jiangsu, accounting for 23.7%. There are 5 each from Zhejiang, Beijing, and Anhui.

Among the 59 enterprises that received investments this year, 15 enterprises have received two or more rounds of financing consecutively.

These invested enterprises can be roughly divided into two categories. One category is 3D printing companies targeting the consumer (C - end) market. The other category is providers of new materials or overall technical solutions serving the industrial field.

Let's first look at consumer - grade enterprises.

If we exclude Tuozhu Technology, which did not have any financing this year, there were two very popular enterprises some time ago. One is Aileku, invested by DJI. Founded by Hong Yingsheng, a former employee of China Post, this enterprise's annual revenue has exceeded 1.6 billion yuan, and its products are sold to more than 100 countries and regions around the world. It is the global leader in the consumer - grade stereolithography 3D printing field.

The other is Kuaizao Technology, recently led by Hillhouse Capital and Meituan in its financing. In 2019, this company refreshed the global technology - category crowdfunding record with over 54 million yuan. In 2025, its flagship product, the U1 3D printer, became the 3D printing project with the highest crowdfunding amount in global history, with a crowdfunding result of over 150 million yuan (about 20 million US dollars). According to official announcements, all U1 crowdfunding orders have been shipped, and it is planned to be launched globally in the first quarter of 2026. The company's revenue is expected to increase several times in 2026.

In addition, Yuanzi Chongsu, incubated by Dreame, is also worth noting. It completed two rounds of financing this year, with investors including Skyworks Capital, Cornerstone Capital, and Junke Danmu.

Yuanzi Chongsu is led by Liu Bin, the R & D director of Dreame's lawn - mowing robot. It focuses on developing 3D printer products for the consumer market. Although the company was just independently established this year, relying on Dreame's technological and product advantages, it quickly caught the attention of primary - market investors. Moreover, Dreame's channel advantages in the overseas market can quickly help this young team open up the market. Previously, the official announced that it would launch products by the end of this year and enter the European and American markets.

Now let's look at industrial - grade enterprises. Financing data shows that 3D printing companies targeting fields such as aerospace and automobile manufacturing are far more favored by capital than consumer - grade enterprises.

Take Xietong Gaoke as an example. This company has completed three rounds of financing this year and is one of the enterprises with the highest financing frequency this year. The investors include institutions and industrial capitals such as Juhai Venture Capital, Tsingyan Capital, and Jinggong Technology.

Different from serving the consumer - grade printing market, since its establishment, Xietong Gaoke has targeted major industrial fields such as aerospace and built a 3D printing technology platform covering multiple material systems including continuous fiber, metal, and ceramic. Through self - developed equipment, materials, processes, and software, the company has formed a complete industrial chain from underlying technology to industry applications.

This company was founded by Yao Caihong, a serial entrepreneur. In 1998, she founded the laser application company Guangyunda with her partner. In 2011, she took the company public on the Growth Enterprise Market. In 2019, she started her business again and established Xietong Gaoke, targeting the 3D printing composite materials and equipment track.

In 2020, Yao Caihong introduced the teams of Professor Li Dichen and Professor Tian Xiaoyong from Xi'an Jiaotong University, who were among the earliest researchers in continuous fiber 3D printing in China, enabling the company to quickly take a leading position in the continuous fiber composite material additive manufacturing track. Coupled with several senior engineering experts from the aerospace field, it has formed a technology system integrating "strategy - R & D - industrialization".

According to official announcements, Xietong Gaoke has achieved over 20 typical technological breakthroughs and over 50 key and common technological breakthroughs, and has applied for/obtained more than 130 intellectual property rights. It is a national high - tech enterprise in the field of composite material additive manufacturing.

Another company worth noting is Sirui Additive Manufacturing. Founded in 2023, this company has completed two rounds of financing this year, with investors including Fanchuang Capital, Jiayou Fund, and SUSTech Sharing Investment.

The founder of the company is Yan Ming, a professor and doctoral supervisor at Southern University of Science and Technology. He also serves as a researcher in the Department of Materials at SUSTech and the director of the Shenzhen 3D Printing Powder Materials Engineering Laboratory for Aero - Engines, and has long been focused on the field of metal material additive manufacturing.

Public information shows that Sirui Additive Manufacturing is the first enterprise in the industry to realize the recycling of titanium alloy waste using metal cold - shaping powder - making technology and is currently the only player to achieve the industrialization of low - cost recycled titanium powder. Through self - developed processes, the team has successfully recycled and re - manufactured titanium/titanium alloy particle waste and titanium chips, and has expanded to the recycling scenarios of high - value metal materials such as high - strength aluminum, silver, and tantalum.

As the driving force behind the capital, market - oriented VC firms and early - stage investment institutions of local state - owned assets play a crucial role.

Market - oriented VC firms, such as Meituan Longzhu, Hillhouse Capital, Tongchuang Weiye, and Legend Capital, have all made investments this year.

The early - stage investment institutions established by local state - owned assets are even more prominent. For example, the Industrial Mother Machine Industry Fund managed by Guoqi Yuanhe has invested in Anhui Gongxiang Intelligent Equipment and Guilin Shichuang Technology, two companies in the related industries, this year.

Guoyao Capital, a state - owned asset in Hefei, has invested in Chaonai Technology; Hefei Innovation Investment has invested in Hefei Naodong Technology; Luzhou Hangfa has invested in Huashu Tulin and Boli Technology.

Shunxi Fund, a state - owned asset in Beijing, has invested in Sandi Technology, a 3D printing equipment provider; Ningbo Angel Guidance Fund has invested in Jizhu Technology, a 3D printing building materials manufacturer...

Although the number of enterprises invested by a single institution is not large, usually 1 - 2. However, they have a relatively high penetration rate in the entire track. Especially behind companies targeting industrial - grade scenarios, they appear more frequently. This is naturally closely related to the trend of high - end industrial upgrading of the manufacturing industry in various regions.

Overall, the investment and financing trend of 3D printing in 2025 is not only a continuation of the maker wave but also a technological path for China's manufacturing industry to leap to high - end.

When consumer - grade products produce global blockbusters and industrial - grade products achieve key breakthroughs, these two dimensions prove the same thing: China's 3D printing is entering the "industrial acceleration period" from the "application exploration period".

As more market - oriented VC firms and local state - owned assets continue to invest in underlying materials, equipment manufacturing, and scenario applications, this track is likely to become one of the most explosive new fulcrums in the manufacturing industry in the next five years.

This article is from the WeChat official account "Beyond the J Curve", author: Yang Boyu, published by 36Kr with authorization.