Germany’s BASF Venture Capital has invested in Prismlab while IDG Capital led a funding round for Ultracraft.
BASF Venture Capital invests in Prismlab
Germany-based BASF Venture Capital has marked its first direct China investment by funding 3D printer provider Prismlab.
BASF said in a statement that its investment will enable Prismlab to further accelerate its product development and innovation while strengthening its market reach.
Shanghai-headquartered Prismlab has developed a patented printing process called Pixel Resolution Enhanced Technology that offers higher printing speed and precision and lower printing costs. Its technology has already found use in the footwear and furniture industry. It can also be used in various customer applications, including invisible braces, and anatomical models for medical, and education and training purposes.
“China is transforming from a manufacturing-driven to an innovation-driven economy. This investment in Prismlab reflects our commitment to further expanding our innovation capabilities in China, and BASF Venture Capital plays an important role in helping us identify potential partners that lead us to success,” said Zheng Daqing, BASF’s senior vice president of business and market development for Greater China.
BASF, established in 2001, focuses on investment in chemical products and new materials, software and services as well as innovative and digital business models in the broader field of chemistry.
Hou Feng, founder and chairman of Prismlab, said that the investment by BASF will allow the company to stay laser-focused on R&D. Prismlab had earlier received funding from the National Key R&D Programme of China.
IDG Capital leads $47m Series A investment in Ultracraft
IDG Capital has reportedly led an RMB 325 million ($47 million) Series A funding round for Chinese 3D printing tech startup Ultracraft.
Fuji Investment Management and other backers participated in the round, according to Chinese media reports.
The financing will help Ultracraft deepen its R&D in the 3D industrial chain as well as recruit more talent, the reports added.
Ultracraft, also known as Heygears Technology, is understood to provide 3D printing solutions and equipment for hospitals, clinics and technicians and has already established ties with leading enterprises across several Chinese sectors.