Dreame Technology Bags $15 Million in Series B+ Round of Financing led by IDG Capital

By Apac CIO Outlook | Wednesday, September 23, 2020

Dreame Technology is an innovative company with the vision to enhance the global users' quality of life by focusing on high-performance cleaning appliances, leveraging astrodynamics technologies.

Fremont, CA: Dreame Technology (Dreame), a smart consumer technology company specializing in cordless vacuum cleaners, robot vacuum cleaners, and mops, raised nearly RMB 100 million (US$14.6 million) in its Series B+ round of funding led by IDG Capital with participation from Edge Ventures and Peak Valley Capital, return shareholders Xiaomi Corporation and Shunwei Capital. Yunmu Capital served as the exclusive financial advisor for this round of funding.

"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. We invest 12 percent of the annual sales revenue back into R&D and commit three times more into core technology development than our peers," said Roc Woo, Co-Founder and General Manager of Marketing and Sales Center of Dreame.

Dreame's primary product portfolio includes two significant categories of cleaning and personal care appliances, and the company now leads in areas of high-speed motor technology, aerodynamics, robot control, and Visual Simultaneous Localization and Mapping (VSLAM). The company has enhanced robot vacuum cleaners' obstacle avoidance ability by combining Time-of-Flight (TOF) and VSLAM technologies.

IDG Capital noted that Dreame is an example of China's next-generation companies specializing in intelligent manufacturing, and is aligned with Dreame's long-term vision to make household appliances smart terminals and push the boundaries of smart home technology application.

Li Rui, Partner of Shunwei Capital, added that the recent Dreame products had showcased Chinese brands' technological strength, and Shunwei's continued support in Dreame's series B+ funding is a recognition of the Dreame team and their products.

To date, Dreame has published over 840 patent applications, including 270 invention patents. It will launch its latest T20 handheld cordless vacuum cleaner in early November, highlighting 150AW ultra-strong suction power and a 99.97 percent filtration efficiency.