Dreame has published more than 840 patent applications including 270+ invention patents to date
Chinese smart consumer technology startup Dreame Technology has raised nearly RMB100 million (US$14.6 million) in its Series B+ round of financing led by IDG Capital, the startup announced in a press release on Monday.
Edge Ventures and Peak Valley Capital also participated in the round along with returning investors Xiaomi Corporation and Shunwei Capital, with Yunmu Capital as the exclusive financial advisor, the press statement said.
Dreame joined the Xiaomi Technology Ecosystem at the end of 2017. The startup now builds Xiaomi-branded vacuums under its own label.
Founded in 2015, Dreame focuses on high-performance cleaning appliances as well as personal care appliances. Initially offering vacuum cleaners with its first product launched in 2018, Dreame specializes in cordless vacuum cleaners, robot vacuum cleaners and mops, the statement noted.
The startup claims to lead in high-speed motor technology, aerodynamics, robot control and Visual Simultaneous Localization and Mapping (VSLAM), a technology that allows robot vacuum cleaners to map out crowded surroundings.
Dreame has enhanced the obstacle avoidance ability of its robot vacuum cleaners by combining Time-of-Flight (TOF), a distance mapping and 3D imaging technology used to determine the distance between the robot and its surrounding obstacles that helps with indoor navigation, and VSLAM technologies, the statement noted.
Dreame said in the statement that it aims to become a world-class technology company and places importance on innovation, a key element that will determine the success of the company’s multi-category expansion and multi-brand strategy in the future.
Dreame has published more than 840 patent applications including over 270 invention patents, and 80% of its staff focuses on technology and product development, the company added.
“Innovation is part of Dreame’s DNA and we are committed to being innovative in all links of the brand-building process, from product and technology to design, marketing and management,” Co-founder and General Manager of Marketing and Sales at Dream, Roc Woo noted in the statement.
“We invest 12% of the annual sales revenue back into R&D and commit three times more into core technology development than our peers,” he added.
The startup’s latest product, the T20 handheld cordless vacuum cleaner, is set to launch in early November, showcasing 150AW ultra-strong suction power and a 99.97% filtration efficiency, the press report stated.
“We agree with the long-term vision of Dreame Technology and are optimistic about its vigorous vitality,” Partner at lead investor IDG Capital, Meng Lian noted in the statement,
“[Dreame] allows household appliances to become a new smart terminal, continuously expanding the life scenarios of smart home technology applications, bringing better product experience to the world, and bringing users a cleaner and more convenient life,” he added.
The global robotic vacuum cleaner market size was worth $2.56 billion in 2019 and is expected to reach $9.41 billion by 2027, exhibiting a growth rate of 17.7% CAGR, according to a report by Grand View Research.
Moreover, the global pandemic has made health and hygiene a priority for everyone, boosting vacuum cleaner sales which reached 5.76 million units in the first quarter of 2020, according to data from Aowei Cloud Network, the statement noted.
In the second quarter of 2020, home appliance sales increased 9.8% year-on-year, as movement restrictions were eased and retail shops re-opened, China Center for Information Industry Development data shows.
“Since joining the Xiaomi ecological chain in early 2018, Dreame Technology has been committed to the research and development of high-speed brushless motor technology, noise reduction technology, aerodynamic technology, etc.,” Partner of Shunwei Capital, Rui Li said in the statement.
“The Shunwei team is very optimistic about the smart home appliance industry, and this round of continuous betting is also a recognition of Dreame technology’s team and products,” he added.
Header image courtesy of Dreame Technology