bankruptcy tuesday: 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, according to The Japan Times. After postponing its initial sales goal in fiscal 2017, it had to push back its goal for fiscal 2018, too. 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. We were unable to secure funds necessary for the development, the spokesman said, adding it was difficult to improve the robot to a satisfactory level. Seven Dreamers had said that, because people have to spend so much time folding laundry in their lifetimes, it wanted to set them free from that chore with Laundroid, which looked like a big closet but was apparently packed with robotics and image recognition technologies that would allow it to fold clothes. The startup had planned to sell Laundroid for 1.85 million.
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