China-based additive manufacturing technology developer Shandong HoTeam Software has completed a RMB400m ($63m) series C round led by Legend Capital, the venture capital firm sponsored by conglomerate Legend Holdings.
Shanghai Lingang SC-Innovation Investment Management, a vehicle for Chinese state-owned industrial park operator Lingang Group, also took part in the round, as did Harvest Capital, TH Capital, Hua Yi Ventures, Qingsong Fund, CETC Investment Holdings, Hetian Fund and Shanghai Electrical Apparatus Research Institute Group.
HoTeam is working on 3D printing technology software designed to help the manufacturing process for organisations operating in the industrial sector, in areas such as aerospace, rail, chemical engineering, automotive, robotic process automation and digital health.
The cash will help the company further conduct research and development in fields such as computer-aided design and product lifecycle management as well as in its marketing efforts.
Many areas of the economy, such as medical equipment, metalworking and home construction, are utilising additive manufacturing technology, and software producers such as Autodesk and Microsoft as well as IT services group Hewlett-Packard have all created related products.
Chemical and consumer goods producer Henkel’s Adhesive Technologies subsidiary runs 3D printing-focused incubator schemes while GC Ventures America, which invests on behalf of petrochemical and material group PTT Global Chemicals, also targets that area.
Earlier this month, electronic paper display maker E Ink took part in the $42.5m first close of bioprinting technology developer Nuclera’s series B round, participating with financial services firm British Business Bank’s Future Fund, M&G Investments, Amadeus Capital Partners, RT Partners, Future Planet Capital and GK Goh Holdings.
Intel Capital, part of semiconductor technology provider Intel, led a $19.3m series A round for Fabric8, a developer of metal 3D printing technology, in July 2021, investing alongside TDK Ventures, Stanley Ventures and SE Ventures, subsidiaries of electronics manufacturer TDK, industrial tool provider Stanley Black & Decker and energy management firm Schneider Electric respectively.
HoTeam had closed a $27.8m series B round in July 2021 co-led by Silicon Harb and Guotai Junan Ventures that included home appliance producer Haier’s Hai Chuanghui unit, FutureX Capital, FG Venture, Yisheng Capital, Shandong Industrial Technology Research Institute and China Everbright Group’s Forebright Capital subsidiary.
Lucion Venture Capital Group, CVIC BE and Think Real Capital were identified as earlier investors in HoTeam, which had reportedly completed five funding rounds prior to this one.
Image courtesy of Shandong HoTeam Software Co, Ltd.
