Smart baby monitor and sleep tracker Nanit today announced the completion of $21 million financing round led by existing investors Jerusalem Venture Partners (JVP), Upfront Ventures, RRE Ventures, and Rho. This funding brings the total capital raised by the company to $50 million. Nanit will use the proceeds for further product development and expand worldwide marketing and sales.
Headquartered in the US with its development offices in Israel, the company was founded in Israel by Dr. Assaf Glazer, Tor Ivry and Andrew Berman.
From the AI-powered Nanit Plus camera that tracks and analyzes a baby’s sleep, to real-time breathing motion monitoring with Breathing Wear, to capturing amazing memories with Membook, Nanit helps parents see and understand everything happening in and around the crib. Since launching in 2016, Nanit has tracked over 86 million hours of sleep, 20 million parental visits, and over 8 million morning wakeups.
Nanit CEO Sarah Dorsett said, "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. 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."
JVP founder and chairman Erel Margalit "We’ve increased our commitment to Nanit as we believe the Company is strongly positioned to take advantage of the rapid growth in the connected nursery industry. Nanit uses artificial intelligence and computer vision to truly revolutionize the sleep category; a crucial dimension of the wellness industry. The coronavirus crisis has demonstrated once again how important technology is for families to stay connected," said Erel Margalit, Founder, and Chairman of JVP. "We are sure the unique solution and advanced technology will be further expanded into new and exciting product lines."
Published by Globes, Israel business news - www.globes-online.com - on May 12, 2020
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