Smart Cleaning Appliances Brand Speedfox Receives Nearly $16M in Financing

Smart cleaning appliances brand Speedfox has recently completed an A round of financing worth nearly 100 million yuan ($15.82 million), following funding by Tencent Investment, Sequoia Capital, BAI Capital, IDG, 5Y Capital, Toutoushidao Capital, Qianhai FoF, K2VC and others. Funds from this round will reportedly be allocated to continue water technology innovation and smart home ecosystem construction.

Founded at the end of 2020, Speedfox is an artificial intelligence startup focusing on household cleaning and water technology innovation. At the supply chain level, the company cooperates with many leading core suppliers, including top producers such as Luxshare Precision.

From the perspective of commercialization, Speedfox has made efforts both in its home market of China and overseas since it launched its first product in 2021. Tree Wan, CEO of Speedfox, said that at present, the company has established a sales network domestically and abroad, which is distributed across private traffic, e-commerce and overseas offline channels. Its major users are aged 25-40. Besides homeowners and pet owners, people who love home furniture and decoration are also important consumers.

When it comes to future planning, Wan said that after this round of financing, Speedfox will continue to increase investment in technology and product R&D, expand its team, accelerate commercialization and explore new product categories.

In addition, the team will focus on the operation of its user ecology. “Speedfox hopes that the sweeping machine, as a daily high-frequency household appliance, will not only be used as a cleaning tool, but will also establish a close connection between users and brands, like in the smartphone industry,” Wan said.

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Nowadays, consumers are more and more willing to purchase smart products. Among the products, smart cleaning household appliances is one of the categories that has grown rapidly in recent years. According to data from AVC, the omni-channel retail sales of cleaning appliances in 2021 reached 30.9 billion yuan ($4.89 billion), up 28.9% year-on-year.