Laundry-phobics' dreams crushed as Tokyo-based developer of Laundroid robot files for bankruptcy

When Seven Dreamers Laboratories Inc. unveiled its prototype laundry-folding robot in 2015, it generated a buzz, with people saying they couldn't wait to buy one if it ever went to market. But the AI-based tidying device dubbed Laundroid is apparently coming to an end before its commercial debut, as the Tokyo-based developer filed for bankruptcy Tuesday with the Tokyo District Court, citing insufficient funds to continue operations. A spokesperson for Seven Dreamers, a contest-winning startup that had received over ¥10 billion in funding, said development of robot is over for now. According to Teikoku Databank Ltd., a credit research company, Seven Dreamers Laboratories had accumulated ¥2.2 billion in debt as it struggled to ship the robot and invested heavily in research and development. After postponing its initial sales goal in fiscal 2017, it had to push back its goal for fiscal 2018, too.