Artificial intelligence and cloud computing technology provider Group42 provided $60m in series B1 funding for China-based 3D printing technology producer HeyGears Technology on Friday.
HeyGears runs a 3D printer rental service and has developed a smart 3D printer as well as specialist printers for use on desktop and for mass production respectively, in addition to a precision 3D printing application known as Ultracraft.
The company also provides 3D printing applications for the dental care industry, along with a medical-grade printing resin.
Venture capital group IDG Capital led HeyGears’ $47m series A round in November 2018, participating together with investment firm Fushi Investment and alternative investment firm Gloryhope Capital.
Peng Xiao, Group 42’s chief executive, was quoted by China Money Network as saying: “We are optimistic about HeyGears’ strong innovation and development capabilities, product implementation capabilities and good market performance.
“HeyGears advances 3D printing technology and services to the application stage and is one of the few leading one-stop digital application providers.”
United Arab Emirates-headquartered Group 42 had supplied $65m in series C-plus funding for another China-based company, e-commerce platform Jollychic, in August this year, and $10m for a third, online services provider Mena Mobile, later the same month.
Photo courtesy of HeyGears Technology.
