WeNext received more than RMB 100 million in investment led by NIO Capital in late January.
(Image credit: NIO Capital)
WeNext Technology, one of China's largest 3D printing service providers, has closed a new $55 million round of financing, NIO Capital, the venture capital arm of NIO, said today.
The round was co-led by Temasek Holdings, Cathay Capital, and HaoChen Capital, with participation from NIO Capital, CAS Investment Management, and Creo Capital.
The financing is the largest in the Chinese non-standard parts manufacturing sector so far this year and will be used primarily for WeNext's innovative business investment, market expansion, and technology development, according to an announcement from NIO Capital.
WeNext's last round of funding was in late January, when the company said it received more than RMB 100 million in investment led by NIO Capital and CAS Investment Management.
Founded in October 2014, WeNext provides services including 3D printing, CNC precision machining and mold injection molding.
To date, WeNext has served about 200,000 customers cumulatively and produced over 30 million parts annually, according to NIO Capital.
The four processes of 3D printing, CNC, mold injection, and sheet metal are widely used in various products in industry and life, such as consumer electronics, industrial equipment, medical devices, the exterior of automotive parts, and structural parts, according to WeNext CEO Lu Xueyuan.
However, these products are non-standardized and small and medium-sized factories as well as workshops occupy the major market share with low production efficiency, according to Lu, adding that with the development of Industry 4.0, pulsed order production at scale will be the long-term choice of the market.