Smart Party raises hundreds of millions of RMB in new funding from Meituan, Sequoia, and Hillhouse

Shenzhen-based Smart Party, the manufacturer behind the ELEGOO brand, has secured several hundred million RMB in a new funding round led by Meituan, alongside participation from Shenzhen Capital Group, Hillhouse, Yintai, and others. This follows a rapid succession of capital injections, including a round in January 2025 and a significant Series B backed by DJI in late 2024. Co-founder Chen Bo stated that the company aims to reach annual revenue targets of 3.5 billion to 4 billion RMB, building on its 2025 revenue of 2.3 billion RMB, which represents a 30% year-over-year increase. The capital is earmarked for high-end talent acquisition, R&D, global market expansion, and upgrading supply chain capabilities.

As one of the Shenzhen 'Four Little Dragons' alongside Bambu Lab, Creality, and Anycubic, Smart Party holds a critical position in the consumer FDM and laser engraving markets, with ELEGOO products accounting for over 2 million units sold globally. While the company maintains a strong hardware presence with over 90% of revenue coming from overseas markets, it currently trails Bambu Lab in software ecosystem integration. The company is specifically targeting the development of 3D large language models and advanced slicing software to bridge the gap in user experience and machine stability. This investment comes as China's 3D printing export value surpassed 11.35 billion RMB last year, driven by high demand for non-metal consumer and educational equipment.

To close the valuation and performance gap with Bambu Lab, Smart Party must pivot from a hardware-centric model to a closed-loop ecosystem involving proprietary firmware, slicing software, and AI-driven model libraries. The immediate challenge lies in recruiting specialized AI talent to develop the 3D generative models mentioned by leadership. Success will depend on whether the company can translate this capital into software stability that matches the seamless user experience currently dominating the high-end consumer segment.