KKR founders, Fosun join $22m round for Japan's Seven Dreamers
KKR co-founders Henry Kravis and George Roberts have joined a group of investors including Chinese conglomerate Fosun International in a JPY2.5 billion ($22.8 million) round for Seven Dreamers Laboratories, a Japan-based manufacturer of personal-use devices.
Additional participants in the investment included Japanese logistics services company Suzuyo & Co, Daiwa Corporate Investment and Shiga Bank. It brings the company’s total capital raised to date to JPY10 billion.
According to a statement, the new funding will be used to develop new products and promote a global expansion. Seven Dreamers' focus areas currently include a disposal nasal insertion snoring and sleep apnea treatment device, a made-to-order golf club shaft production business, and household-use robotics.
The company is developing Laundroid, a clothes-folding machine, which is claims is the world's first fully automatic device of its kind, combining artificial intelligence, robotics and image analysis technologies. The refrigerator-sized unit is operable by smart phone and is set to be released this year.
Panasonic, SBI Investment and construction company Daiwa House Industry contributed to a $60 million Series B round for the company last year. This followed a JPY1.5 billion Series A in 2015 with backing from Daiwa House, the University of Tokyo Edge Capital and several other companies.
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