36Kr Exclusive | The leader in 3D printed dental products is entering the desktop full-color creation market and has secured over 300 million yuan in financing from Legend Capital, Fortune Capital, etc.

Author | Zhang Ziyi

Editor | Yuan Silai

Yingke learned that HeyGears, a high - end stereolithography full - stack technology enterprise in 3D printing and a leading player in the dental segment, recently completed a Series C financing round of over 300 million RMB. This round of financing was jointly led by Legend Capital and Fortune Capital, with Gopher Asset and Guoke Investment participating.

The funds from this round will be used for the R & D and iteration of stereolithography technology, the deepening of the global industrial chain, the introduction of top - tier talents, and the release of a new generation of digital dental solutions and desktop - grade full - color stereolithography product lines.

HeyGears' dental business started in 2018. Relying on the domestic breakthrough of the entire industrial chain of the consumable system and DLP technology, it later launched the UltraCraft stereolithography product line and digital dental solutions, and has become a global leading player in the segment.

Currently, HeyGears' global layout of the dental business has achieved remarkable results. The proportion of overseas revenue has exceeded 60% of the total revenue. It is the Chinese dental 3D printing enterprise with the highest market share in North America. The business growth rate in the European market has exceeded 100%. In the domestic dental laboratory segment, its market share exceeds 60%, ranking first.

"Many innovations are forced out by reality. When HeyGears was founded, high - end stereolithography technology and special materials were basically monopolized by foreign companies. Equipment assembly and technology splicing could hardly meet the dental precision requirements, and it was even more impossible to make a profit. Only by taking the path of in - depth integration could we break the deadlock. We chose the most difficult path from the very beginning. Through self - research of the entire technology stack, breaking the industry black box, and thoroughly understanding the material system, we built more diverse and flexible solutions on this basis, which also constitutes HeyGears' core competitiveness in the stereolithography field." Gui Peiyan, the founder and CEO of HeyGears, told Yingke.

In the 11 years since its establishment, as one of the few domestic leading 3D printing technology companies with full - stack self - research capabilities and the ability to provide full - industrial - chain solutions, HeyGears' business scope has expanded beyond the core dental business and extended to new productive forces fields such as advanced manufacturing, embodied intelligence, and consumer electronics.

After years of building up technology and industrial chain capabilities, HeyGears began to promote the popularization of high - end stereolithography technology to a wider range of scenarios and user groups.

Yingke learned that in 2025, HeyGears launched the Reflex 2 and Reflex 2Pro product lines equipped with its self - developed second - generation LCD technology. Coupled with its self - developed material system, these product lines provide desktop - grade productivity tools for shoe studios, small farmers, and professional makers, and the delivery results can basically match those of DLP equipment.

HeyGears said that its true full - color, true 3D consumer - grade product line is planned to be launched in the third quarter of 2026, positioning as a new generation of desktop - grade full - color creation tools. It hopes to solve the pain points such as "usability" and "high cost" in the consumer - grade application of stereolithography through independent technology research and development.

As of now, HeyGears has cumulatively invested more than 1 billion RMB in R & D, and the revenue from its self - developed material business accounts for about 70% of the total revenue. With the support of economies of scale, the sale of each device marks the beginning of a long - term cash flow from materials .

The company hopes to continue to deepen its presence in the stereolithography technology field, enabling high - end 3D printing technology to cover from dental medical applications to small factories, creation workshops, and individual makers, meeting the "one - stop creation" needs of more scenarios and user groups.

CEO Interview

Yingke: Currently, FDM technology is mainly used in consumer - grade 3D printing in the market. What are the technical difficulties and bottlenecks when using stereolithography technology for consumer - grade products?

Gui Peiyan: From the perspective of the mainstream DLP and LCD technologies in China, it is difficult to lower the threshold for consumer - grade applications in the short term. Because stereolithography involves the processing and management of liquid resin, the difficulty of handling consumables is far greater than that of FDM, which deals with solid wires. Secondly, stereolithography printing is a chemical change. It is difficult to control chemical changes in consumer - grade scenarios such as households.

Therefore, we need to conduct disruptive innovation to self - develop new stereolithography technologies, making it have both the usability and safety of FDM and the unique surface quality and ultra - high precision of stereolithography, and then cooperate with the highly - desired true full - color and true 3D capabilities. Only in this way can we truly tap into the consumer - grade scenarios of mass makers, small entrepreneurs, and some families.

Yingke: What are HeyGears' core competitive advantages in the dental B - end market and the future consumer - grade/small B - end market?

Gui Peiyan: In the dental field, the core advantages lie in absolute precision, stability, and the high stickiness brought by the equipment + material + service solutions. We don't just sell equipment in a one - time deal. Instead, we reverse - engineer the full - cycle solution based on the delivery results. The dental field has very strict requirements for precision, usually discussed at the micron level. If the work is not done well, the rework rate of customers can reach more than 10% (this is real data), while HeyGears can control it between 3% and 5%. This nearly 10% difference in rework rate is like a lifeline for production customers.

In the consumer - grade or small B - end market, we firmly believe that the popularization of high - end stereolithography technology is a solution to meet users' needs for small - scale batch production of finished products from 10 to 100 units. When our Reflex series is launched to consumer - grade users, we don't just sell equipment. Instead, we provide a complete end - to - end solution including materials, design guidelines, and even self - developed coatings, enabling even individual makers to produce commercial - grade finished products and then make small businesses. In addition, you can look forward to the new products in the third quarter, which is another competitive advantage as it solves many technical bottlenecks in the popularization of stereolithography.

Investors' Views:

Legend Capital: HeyGears has faced difficulties head - on and focused on the high - end stereolithography 3D printing field. It uses digital light knives to push the boundaries of stereolithography 3D printing towards higher precision, more material innovation, and lower costs, in order to promote the penetration of the entire stereolithography technology in precision manufacturing scenarios. This is exactly what new productive forces should do. We also believe that HeyGears' focus and perseverance in this era will build more long - term barriers.

Fortune Capital: 3D printing is accelerating its transformation from a "prototype tool" to a "productivity tool". HeyGears has promoted the value leap in the dental field from single - material to multi - material and from intermediate products to finished products, and has benefited from cost reduction and AI empowerment in the consumer market, accelerating its penetration. The company has long adhered to full - stack self - research, with deep core barriers, and revolutionary technologies such as multi - material and full - color 3D printing are on the verge of explosion.

Gopher Asset: HeyGears has demonstrated excellent global market - entry capabilities in the dental track, and its stereolithography products have also been highly recognized in the consumer market. In the future, with the company's continuous investment in the fields of AI and control algorithms, the full - color printing technology is expected to explode, achieving two - way drive for the B - end and C - end markets.

Guoke Investment: HeyGears' leading advantage stems from its development idea of deeply coupling equipment, materials, algorithms, and applications. The company has established a full - chain service from design to production in the dental field and has fully covered the leading dental laboratories at home and abroad. In the consumer market, HeyGears has gradually broadened the upper limit of consumer - grade 3D printing by applying industrial - grade technologies at a lower level. With the release of the demand for dental digitization and full - color 3D printing, the company has broad prospects.