The market potential for intelligent robots is enormous, and technological iterations are accelerating.
EqualOcean has learned that the compound annual growth rate (CAGR) of Dreame (Chinese: 追觅科技) from 2019 to 2023 exceeded 100%. Specifically, in 2023, Dreame's overseas business witnessed a remarkable year-on-year growth of 120%. Previously, EqualOcean reported that Dreame's annual revenue for 2023 could reach CNY 8 billion.
Founded in 2017, Dreame joined the Xiaomi ecosystem in the same year, primarily focusing on the intelligent cleaning category. Leveraging its core motor technology and continuous accumulation of smart algorithms, Dreame has become a rare tech company with a diversified product portfolio in the industry. In recent years, Dreame's business strategy has gradually become clearer, expanding its footprint in the broader robotics field. In addition to its early robotic vacuum cleaners, Dreame has launched bionic quadruped robots, pool cleaning robots, intelligent food delivery robots, and highly lifelike humanoid robots.
Public data illustrates that Dreame has raised six rounds of funding to date. In October 2022, Dreame secured a CNY 3.6 billion Series C financing, setting a new record for funding in the intelligent cleaning industry. At that time, its valuation approached CNY 20 billion, more than 40 times higher than during the B-round financing. The current round of investment was led by China Renaissance (Chinese: 华兴新经济基金) and CPE Fund (Chinese: CPE源峰), with strategic investments from Country Garden Venture Capital (Chinese: 碧桂园创投) and follow-on investments from existing shareholders such as Xiaomi Group, Shunwei Capital, and IDG Capital. According to the latest data, Dreame completed a Series D+ round of financing in May 2023, with Mingyun Capital as the investor, although the specific amount raised remains undisclosed.
Starting from May 2019, Dreame began to establish its own brand and gradually reduced its OEM partnership with Xiaomi. According to public media, its OEM proportion decreased to around 30% in 2022. Publicly data indicates that Dreame's revenue for the years 2019 to 2022 exceeded CNY 500 million, CNY 2 billion, CNY 4 billion, and nearly CNY 6 billion, respectively.
Regarding R&D investment, Dreame currently allocates approximately 7% of its expenses to research and development, with research personnel accounting for 60% of the total workforce. Dreame has accumulated a series of patented technologies in high-speed digital motors, intelligent algorithms, and fluid mechanics. As of December 2023, Dreame has applied for a total of 4,256 patents worldwide and has been granted 2,206 patents.
Dreame has made significant progress in its global expansion efforts. In 2023, the company successfully entered emerging markets such as the Middle East, Africa, India, and South America, with the Israeli market experiencing over 50% year-on-year growth. Currently, Dreame's products cover more than 120 countries and regions worldwide, and the company maintains a leading position in the robotic vacuum cleaner market in China, Germany, Italy, and other markets.
Revenue data demonstrates that in the first half of 2023, Dreame's overseas business revenue surged by 110% year-on-year, with Southeast Asia being one of its major battlegrounds. During the Double Eleven promotion in the second half of 2023, Dreame's total sales in the Southeast Asian market surpassed CNY 100 million. Bestselling products like the L20 Ultra robotic vacuum cleaner and the H12 Pro floor scrubber were completely sold out. Furthermore, in 2023, Dreame expanded its offline channels globally. By the end of December 2023, the company's offline channels covered more than 180 cities in China, with over 800 stores.
Previously, Dreame showcased its flagship robotic vacuum cleaner, the X30 Ultra, at the Consumer Electronics Show (CES 2024) in the United States. With its pioneering bionic mechanical arm, 8300Pa suction power, and intelligent algorithm technology, the product stood out among its competitors and ranked first in the Smart Appliances & Home Cleaning category awards. In addition to the new robotic vacuum cleaner, Dreame's other products, including the DreameBot L20 Ultra, DreameBot L10s Pro Ultra, H13 Pro floor scrubber, Z10 Station vacuum cleaner, A1 lawn mower, and high-speed hairdryer, also attracted significant attention from the audience at the event.