 Queen regnant Shin Sawbu built a palace next to the Shwedagon Pagoda in the town in 1460 and spent her semi-retired life at that palace until her passing in 1471.In 1755, King Alaungpaya, the founder of the Konbaung Dynasty captured Dagon, renamed it "Yangon", and added settlements around Dagon.In the 1790s, the East India Company opened a factory in Yangon.