Shenzhen-based SmartPi raises hundreds of millions RMB in new funding led by Meituan and Shenzhen Capital

SmartPi, the manufacturer of the ELEGOO consumer 3D printing brand, has secured hundreds of millions of RMB in a new funding round. The investment was led by Meituan and Shenzhen Capital (SCGC), with participation from Hillhouse, Yintai, Guoce, Minghui Zhiyuan, and Gaoxin Investment. This follows a previous B-round involving DJI and a smaller round in January 2025. The company, led by Chairman Hong Yingsheng and Co-founder Chen Bo, intends to deploy this capital toward high-end talent acquisition, core R&D, global market expansion, and supply chain upgrades for its ELEGOO brand.

As one of the Shenzhen 'Four Little Dragons' alongside Bambu Lab, Creality, and Anycubic, SmartPi holds a critical position in the global entry-level FDM and resin 3D printing market. While Bambu Lab has achieved a 10 billion RMB revenue milestone, SmartPi reported 2.3 billion RMB in 2025 revenue with a 30% year-on-year growth rate, maintaining a 90% overseas sales ratio. The company is currently focused on closing the technical gap in software ecosystems, specifically targeting firmware stability, slicing software, and integrated AI-driven 3D large models to compete with the seamless user experience established by Bambu Lab.

To reach its 3.5 billion to 4 billion RMB revenue target for the year, SmartPi must transition from a hardware-centric manufacturer to a full-stack ecosystem provider. The immediate technical priority is the development of proprietary slicing software and stable firmware to reduce the current performance gap in user experience. Success will depend on their ability to recruit specialized AI talent to integrate generative models into the 3D printing workflow, moving beyond simple hardware iteration toward intelligent, automated manufacturing.