HeyGears closes Series C of ¥300M+ to push light-curing 3D printing into consumer market
HeyGears, a Chinese 3D printing company that dominates the dental resin-printing market, has closed a Series C round of over ¥300M (roughly $41M). Legend Capital and Dachen co-led the round, with Gopher Asset Management and CAS Investment Management following.
The Guangzhou-based company, founded in 2015, will use the funds to advance its light-curing technology, deepen its global supply chain, hire top talent, and launch a consumer-grade full-colour 3D printing product line.
HeyGears has spent years building a full-stack capability in resin-based 3D printing — from proprietary materials to hardware to software — primarily for the dental industry. It now holds over 60% market share in China's dental lab segment and leads among Chinese dental 3D printing exporters to North America, with European revenue growing over 100%.
Overseas sales already account for more than 60% of total revenue. The company's self-developed materials business generates roughly 70% of revenue, creating a recurring cash flow model: every printer sold becomes a long-term materials customer. Cumulative R&D spending has surpassed ¥1B.
With the dental business mature, HeyGears is pivoting toward consumer and small-business markets. It launched the Reflex 2 desktop printer line in 2025, and plans to unveil a "true full-colour, true 3D" consumer product in Q3 2026.
The consumer 3D printing market is dominated by FDM technology — cheaper, simpler, and safer for home use. Resin printing involves liquid chemicals and complex post-processing, making it far harder to make user-friendly. CEO Gui Peiyan acknowledged the challenge directly: "Making a chemical process controllable in a home setting is inherently difficult."
HeyGears must also compete against entrenched FDM players while convincing makers and small businesses that resin printing's superior precision and surface quality justify higher costs and complexity.
HeyGears' materials-driven revenue model — where self-developed resins account for roughly 70% of sales — mirrors the razor-and-blade economics that have made industrial 3D printing incumbents sticky but slow to move downmarket. With cumulative R&D spending exceeding ¥1B and a late-growth-stage profile, the company is now attempting a rare pivot: using margins earned from a dominant B2B niche to subsidise a consumer land-grab before cheaper FDM rivals can close the quality gap.
Read more: 36kr.com
