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- Triastek
Triastek Revenue, Valuation, Funding & Investors
Triastek is valued at $464M as of September 2023, a 20.2x revenue multiple. Triastek revenue was $23M, as disclosed with its latest round.
Last Triastek valuation
$464M
Series C · Sep 2023
Last Triastek funding round
Undisclosed stage
Amount undisclosed · Oct 2026
Triastek revenue
$23M
Series C · Sep 2023
Key investors in Triastek
Morningside
Yunqi Partners
Dalton Venture
Xiaodong Zheng
Matrix Partners China
Johnson & Johnson Innovation
About Triastek
Triastek is a Nanjing-based pharmaceutical company pioneering 3D-printed solid oral dosage forms. Its technology platform produces personalized tablets with controlled release profiles for complex drugs. The firm has submitted New Drug Applications to the FDA for printlets treating epilepsy and hypertension, with commercial manufacturing facilities in China.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$23M (Sep 2023)
Valuation
$464M (Sep 2023)
Triastek Valuation
Triastek is currently valued at $464M, based on its Series C in September 2023.
The $21M round was led by Guoxin Investment, with participation from Goldmine Multi-family Office and Xiaodong Zheng.
Triastek valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2023 | Series C | $464M | 20.2x |
Triastek Revenue
Triastek's latest recorded revenue is $23M, as of its Series C in September 2023. At a $464M valuation, that implies a 20.2x revenue multiple.
Triastek revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2023 | $23M | $464M | 20.2x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Triastek Funding History
Triastek has raised a total of $103M across 6 funding rounds.
Triastek's first fundraising round was a $16M Series A in June 2018. The most recent completed round was a undisclosed-stage round in October 2026.
Triastek funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2026 | Undisclosed stage | Johnson & Johnson Innovation (lead) | - | - | Johnson & Johnson Innovation - JJDC, the venture capital arm of Johnson & Johnson, made an equity investment in Triastek, announced on 9 October 2026 together with a collaboration and license agreement between the two groups. Under the agreement, signed by Janssen Pharmaceutica NV on behalf of Johnson & Johnson, the parties will jointly develop novel oral medicines using Johnson & Johnson's drug development expertise and Triastek's 3D printing and oral peptide delivery capabilities, including its MED and SSE processes and the 3DuS-OM platform. Founder and chief executive Cheng Senping said the company was honored to enter a strategic partnership with Johnson & Johnson and to receive the equity investment, and that it looks forward to accelerating development of next-generation oral drugs. Triastek was founded in July 2015 in Nanjing, China, and developed the Melt Extrusion Deposition (MED) 3D printing pharmaceutical process for digital product development and continuous manufacturing. It designs and develops its own 3D printed medicines and works with global pharmaceutical companies on formulation challenges. The company reports 152 patent applications and 117 granted patents across 12 territories. Co-founder and chief scientific officer Xiaoling Li, a professor of pharmacy at the University of the Pacific, originated the scientific hypothesis behind the business. |
| Jul 2026 | Undisclosed stage | Hangzhou Industrial Investment Group; Lingang Digital Technology Fund; Minhang Financial | - | - | - |
| Sep 2023 | Series C | Guoxin Investment (lead); Goldmine Multi-family Office; Xiaodong Zheng | $21M | $464M | Triastek, Inc. is a Nanjing-based pharmaceutical company specializing in 3D printing technology for drug development and manufacturing, utilizing its proprietary Melt Extrusion Deposition (MED®) 3D printing process combined with digital formulation development to enable complex drug delivery and programmed release. The company has built the highest production capacity in 3D-printed drug manufacturing, with a self-built GMP-compliant continuous production line capable of up to 75 million tablets annually, and is the only Chinese pharmaceutical firm selected for the US FDA's Emerging Technology Program (ETP). On September 28, 2023, Triastek completed a USD 20.4 million (approximately CN¥150 million) Pre-C funding round, led by Guoxin Investment, with participation from Goldmine Multi-family Office and existing investor Xiaodong Zheng, president of Tofflon Science & Technology. China Renaissance acted as the exclusive financial advisor. This round brings Triastek's total funding to around $87 million across six rounds, with prior investors including Tasly Holding Group, Morningside Venture Capital, Matrix Partners China, and others. The funding aims to accelerate the commercialization of Triastek's 3D printing pharmaceutical technology and products, supporting expansion of collaborations, technical advancements, and China's pharmaceutical modernization. Investors highlighted Triastek's global leadership, regulatory recognition, and potential as a benchmark in high-end formulations. |
| Jun 2021 | Series B | CPE (lead); Matrix Partners China (lead); TriWise Capital (lead); Dalton Venture; Yunqi Partners; Morningside; Shanghai Sci-Tech Innovation Center Capital | $51M | - | Triastek, Inc. is a pharmaceutical company founded in 2015 in Nanjing, China, specializing in 3D printing technology for drug development, delivery, and manufacturing. The company has grown to 55 employees as of the current reporting period. The company raised $87.04 million across six funding rounds through September 2023. |
| Dec 2020 | Series A | Dalton Venture (lead); Xiaodong Zheng; Yunqi Partners | $15M | - | Triastek, a Chinese 3D printing technology startup founded in 2015 in Nanjing, develops 3D printed medicines and production facilities to manufacture them. The company uses 3D printing to control drug component deposition, release timing, and combination to reduce side effects, targeting blockbuster drugs generating over $1 billion in annual sales, orphan drugs for rare conditions, and drug delivery systems. On December 15, 2020, Triastek raised $15 million in a Series A funding round led by Dalton Venture, with participation from Zheng Xiaodong of Shanghai Tofflon Science and Technology and Yunqi Partners. The funds support research and development of 3D printed medicines, regulatory applications in China and the US, and construction of a large-scale production line. Triastek has filed 108 patent applications across 18 families in markets including China, the US, Europe, and Japan for its formulation design, equipment, and 3D printing methods. Its technology was selected as an emerging project by the US FDA earlier in 2020, the first for a Chinese company, and it plans an investigational new drug application for a rheumatoid arthritis treatment. |
| Jun 2018 | Series A | Morningside (lead); InnoVision Capital; Volcanics Venture | $16M | - | Triastek raised $15.28 million in its Series A funding round on June 1, 2018. Investors included Morningside, InnoVision Capital, and Volcanics Venture, with Morningside as the lead. The company has secured additional funding in subsequent rounds, including a Series B - II and others, bringing total funding to between $87 million and $102 million across 4 to 6 rounds as of 2023. |
Who has invested in Triastek?
16 investors have backed Triastek across its funding rounds, including Morningside, Yunqi Partners, Dalton Venture, Xiaodong Zheng, Matrix Partners China and Johnson & Johnson Innovation.
Lead investors include Johnson & Johnson Innovation, Guoxin Investment, CPE, Matrix Partners China, TriWise Capital and 2 other investors.
Triastek Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Dec 2020 | ||
| 2 | Participant | Dec 2020 | ||
| 2 | Participant | Dec 2020 | ||
| 2 | Lead | Jun 2018 | ||
| 1 | Lead | Jun 2021 | ||
| 1 | Lead | Jun 2021 | ||
| 1 | Participant | Jul 2026 | ||
| -- | 1 | Participant | Sep 2023 | |
| 1 | Participant | Jun 2018 | ||
| 1 | Participant | Jul 2026 | ||
| -- | 1 | Participant | Jul 2026 | |
| 1 | Participant | Jun 2018 | ||
| 1 | Lead | Sep 2023 | ||
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Start Free TrialTriastek Competitors
Triastek competitors include listed companies like Ever Supreme Bio Technology, 3D Systems, Synmosa Biopharma and C4 Therapeutics, and private ones like Lightforce Orthodontics and ReCode Therapeutics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $400M | - | ||
| Publicly listed | $31M | $16M | $465M | 12.1x | ||
| Publicly listed | $387M | $72M | $462M | 1.2x | ||
| Publicly listed | $190M | $36M | $451M | 2.5x | ||
| Publicly listed | $36M | ($113M) | $415M | 7.8x | ||
| Private | - | - | $372M | - |
Triastek Public Comps
Triastek is still privately-owned, but its public comps include Ever Supreme Bio Technology, 3D Systems, Phathom Pharmaceuticals, Chabiotech, Monopar Therapeutics, SanBio, Egetis Therapeutics, Regenxbio, Synmosa Biopharma and PKU Healthcare.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $31M | $16M | 14.1x | 12.1x | 27.5x | - | |||
| $387M | $72M | 1.2x | 1.2x | 6.6x | (52.1x) | |||
| $175M | ($160M) | 2.6x | 1.5x | (2.8x) | (37.8x) | |||
| $949M | ($33M) | 1.3x | - | (38.8x) | - | |||
| - | ($17M) | - | - | (20.2x) | (9.2x) | |||
| - | ($27M) | - | 191.2x | (14.1x) | (13.7x) | |||
| $6M | ($33M) | 69.9x | 7.6x | (13.3x) | 9.3x | |||
| $170M | ($133M) | 2.6x | 2.8x | (3.3x) | (2.5x) | |||
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Common questions about Triastek
| When was Triastek founded? | Triastek was founded in 2015. |
| Where is Triastek headquartered? | Triastek is headquartered in Nanjing, China. |
| Is Triastek publicly listed? | No, Triastek is a private, VC-backed company. |
| What is Triastek's valuation? | Triastek was last valued at $464M in its Series C in September 2023. |
| How much funding has Triastek raised? | Triastek has raised $103M across 6 funding rounds. |
| What was Triastek's last funding round? | Triastek's last funding round was a undisclosed-stage round in October 2026, led by Johnson & Johnson Innovation. |
| Who are Triastek's investors? | Triastek's investors include Dalton Venture, Xiaodong Zheng, Yunqi Partners, Morningside, Matrix Partners China, CPE, Hangzhou Industrial Investment Group, Goldmine Multi-family Office, InnoVision Capital, Lingang Digital Technology Fund and 6 others. |
| What is Triastek's revenue? | Triastek's latest recorded revenue is $23M (September 2023). |
| What is Triastek's revenue multiple? | Triastek's latest valuation implies a 20.2x revenue multiple ($464M valuation on $23M of revenue). |
| Which companies are comparable to Triastek? | Companies comparable to Triastek include Lightforce Orthodontics, Ever Supreme Bio Technology, 3D Systems, Synmosa Biopharma, C4 Therapeutics and ReCode Therapeutics. |
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