Nanit, which has developed a smart baby monitor and sleep tracker, secured $21 million in financing led by existing investors Jerusalem Venture Partners (JVP), Upfront Ventures, RRE Ventures and Rho Capital Partners.
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The New York City-based company was formed in 2015 and has tracked more than 86 million hours of sleep, 20 million parental visits and over 8 million morning wakeups via its Nanit Plus camera, according to a written statement.
“The company has experienced incredible growth from 2018, and our recent funding points to the confidence and demand in the marketplace for innovative consumer products,” Nanit CEO Sarah Dorsett said in the statement. “Having a baby is one of the most significant life moments, not only for parents but for the entire family. We are so fortunate to be able to use our technology to keep families connected and sharing in this precious new journey, no matter where they are.”
The new funding brings the company’s total capital raised to $50 million. Nanit last raised a $14 million Series B back in May 2018. The company says it will use the proceeds for the next phase of its product development and to further grow its global footprint.
The company’s investors say Nanit’s use of artificial intelligence and computer vision will “revolutionize” the area of sleep, and that the company is poised to take advantage of the connected nursery sector of the babytech boom.
“Nanit has solved the age-old problem of teaching your baby to fall asleep,” Will Porteous, general partner at RRE Ventures, said in a written statement. “The company’s products are expanding our understanding of ‘life in the crib’ and giving families more ways to share in the joy of parenting. The company has achieved incredible product-market fit and we believe Nanit is well-positioned to address a wide range of health and wellness questions for families and physicians.”
Illustration: Dom Guzman
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