Dreame Technology, a Chinese smart consumer technology startup announced on September 7, 2020 via a press statement that it has successfully raised RMB100 million, an equivalence of US$14.6 million.
The round of funding was led by Boston Based VC firm IDG Capital. Other participating investors include Edge Ventures and Peak Valley Capital with existing investors Xiaomi Corporation and Shunwei Capital reinvesting. Yunmu Capital was the exclusive financial advisor of the deal.
Founded in 2015, Dreame focuses on high-performance cleaning appliances as well as personal care appliances. The startup joined the Xiaomi Technology Ecosystem at the latter part of 2017. It however produces Xiaomi-branded vacuum under its own label.
The startup communicated in the statement that it aims to be a world-class technology company so innovation is paramount. It will invest the fresh funds into research and development.
“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 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.
Also, Meng Lian, Partner at IDG Capital said, “We agree with the long-term vision of Dreame Technology and are optimistic about its vigorous vitality.”
“[Dreame Technology] 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.
Partner of Shunwei Capital, Rui Li also said, “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.,”
“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.