Two founders of Kohlberg Kravis Roberts (KKR - Get Report) , Henry Kravis and George Roberts, were part of a group that invested $22.8 million in a laundry folding robot called the Laundroid, Nikkei Asian Review reported.
The robot, which was developed by Japanese startup Seven Dreamers Laboratories, automatically folds laundry that users toss in. The company wants to use this round of funding to expand its sales network and improve technology for the Laundroid.
Seven Dreamers aims to automate the entire process of doing laundry in a future partnership with Panasonic (PCRFY) that will increase the Laundroid's capabilities to both wash and dry clothes before folding.
And after that, Seven Dreamers wants to join Daiwa House (DWAHY) to create a system that automatically puts away those freshly cleaned clothes.
What's Hot on TheStreet
Amazon car dealer talk won't go away: This news continues to spread around the globe, probably sparking fear in the minds of all used car sales people. As TheStreet reported this week, Amazon (AMZN - Get Report) has reportedly taken early steps to become an online car dealership in Europe, this according to a German trade weekly called Automobilwoche. The German newspaper cites Christoph Moeller, an industry specialist, as saying he has been placed in charge of the company's European business with car makers. Amazon is said to be planning to run that business out of Luxembourg and is eyeing the U.K. as its possible first market.
Step aside Starbucks: Panera Bread (PNRA) continues to impress on so many fronts. On Tuesday, Panera Bread announced that it has exceeded $1 billion in digital sales. TheStreet reports that the "Amazonization" of fast food continues.
Apple and cars: TheStreet dives deep into Apple's (AAPL - Get Report) car ambitions. To be sure, this is a story that is only just starting to play out. Companies from Ford (F - Get Report) to Uber should be closely planning for Apple's aggression in the auto space over the next five years.
About Uber: Uber's investors continue to back the embattled ride-sharing company, according to TheStreet's sources.
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