Meshy Closes Nearly $400 Million Series B, Source Code Capital Continues to Double Down

MaHui portfolio company Meshy announced today that it has raised nearly $400 million in a Series B round, bringing its post-money valuation to over RMB 10 billion. The round was led by top-tier investors including IDG Capital, Matrix Partners China, and Monolith, with strategic investors also participating. Existing shareholders Source Code Capital, Granite Asia, HSG, and BAI Capital all put in additional capital above their pro-rata rights.

This marks the largest single funding round in the AI 3D space to date, setting new records for both round size and valuation. The proceeds will be directed primarily toward multimodal AI model R&D and global market expansion.

Source Code Capital led Meshy's Series A in 2021 and has continued to increase its stake in subsequent rounds, providing long-term support for the company's growth. "3D is one of the most technically demanding multimodal directions, and also the one closest to the physical world. Beyond its current applications in gaming, 3D printing, and design, it has the potential to expand into much broader spaces in the future. Meshy is the pioneer and clear leader in this category — its model capabilities keep improving, its commercialization has consistently led the pack, and its customers span leading organizations across every target market globally. We believe that as AI-generated 3D technology continues to advance, Meshy has the opportunity to become a foundational company for this generation of 3D AI creation infrastructure," said Guang Han, Managing Director at Source Code Capital.

Among multimodal directions including images, video, and 3D, 3D carries the highest technical barriers and sits closest to the physical world — it underpins gaming, film and television, product design, and even physical manufacturing. In 2023, Meshy launched the world's first publicly accessible 3D generative AI product, pioneering this category and building a data flywheel through its massive user community that has kept it at the global forefront of both technology and commercialization.

More critically, Meshy was the first to push AI-generated 3D from "looks usable on screen" to "actually production-ready": the models it generates can be dropped directly into games or sent to 3D printers for physical fabrication. This "production-ready, printable" capability is Meshy's core moat against competing products. Users need only input a line of text or a single image to quickly generate usable 3D models — work that previously required professional art teams and two weeks can now be done in one minute for roughly one dollar.

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Proving AI 3D Commercialization with Real Revenue

Even as technical boundaries rapidly expand, Meshy has achieved substantial commercial success. As a pioneer in the multimodal space, early Meshy went through the same process of finding product-market fit for its technology; as its models generalized and its understanding of user needs deepened, the company successively opened new application scenarios and revenue streams, converting technical leadership into sustained commercial leadership.

Over the past year, the company's strictly calculated annual recurring revenue (ARR) grew roughly 12x, registered users surpassed 12 million, cumulative generated models exceeded 100 million, and month-over-month growth has remained between 20% and 30% over the past two years. At a time when most AI companies still struggle to achieve viable commercialization, Meshy continues to solidify its leading position in AI 3D through genuine revenue.

Among the world's top ten technology companies by market cap or valuation, half are already Meshy customers, spanning consumer internet, enterprise services, and AI infrastructure. This not only means Meshy's technical capabilities have passed validation in the world's most demanding commercial environments; it also signals that AI-generated 3D content is moving from "usable" to "scalable commercial deployment." Meshy is also widely used in gaming, 3D printing, design, and cultural sectors, with customers and partners including leading game studios such as Nexon, NetEase Interactive Entertainment, and 37 Interactive Entertainment; top 3D printing companies including Bambu Lab, Creality, Flashforge, Anycubic, and XTool; and global brands and cultural institutions such as Hugo Boss and the Swedish National Museum of Art and Design.

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Meshy's Next Battle: Making Imagination Tangible

3D is just Meshy's starting point. Through the grueling battles of pioneering the 3D AI category, Meshy has forged a team with combined expertise in multimodal AI model training and operations, new product market creation, and global commercialization.

Silicon Valley technology leaders broadly believe AGI will arrive around 2028; when productivity is fully unleashed, humanity's central question will shift from "how to work more efficiently" to "how to create, express, connect, and find meaning." "Manufacturing joy and a sense of meaning" will become the most important problem worth solving by 2030, and this demand can only be met by entirely new technologies like multimodal AI. With its combined strengths in multimodal AI training, traditional computer graphics, AI game development, and global commercialization, Meshy is among the companies best positioned to address this challenge. Meshy's answer is "real-time interactive multimodal content experiences."

At this year's Game Developers Conference (GDC), Meshy Game Studio officially debuted and released its first AI game demo, Black Box: Infinite Construction — a "what you think is what you get" gameplay experience that received unanimous praise from players. Yet this is only an early exploration for Meshy — AI gaming is just one pillar of its real-time interactive multimodal content vision.

On its new journey, Meshy will build itself into a real-time interactive multimodal content engine and platform that creates joy and meaning in the AI era, helping users achieve true "what you think is what you get." AI multimodal models infused with 3D will allow every dimension of human imagination to unfold and become truly tangible. Starting from 3D, Meshy is committed to unleashing everyone's creative instincts, making the ability to "turn imagination into reality" accessible to all in the age of artificial intelligence.