Smart baby sleep monitor company Nanit today announced it has secured $14 million in Series B financing led by new investor Jerusalem Venture Partners (JVP) with participation from existing investors Upfront Ventures RRE Ventures, Vulcan Capital and Vaal Investment Partners. This latest round of funding brings the total raised by the company to nearly $30 million and will be used to expand its team of world-class computer vision and machine learning engineers and scale production to meet growing retail demand domestically and abroad.
With offices in Ramat Gan, Israel and New York, Nanit uses computer vision technology to help parents with their baby’s sleep development. The company was cofounded by Dr. Assaf Glazer, Tor Ivry and Andrew Berman. The newest funding series also brings JVP founder and chairman Erel Margalit onto Nanit’s board joining longtime investors Upfront Ventures Partner Mark Suster and RRE Ventures General Partner Will Porteous.
Margalit said, “Sleep has become one of the most important factors affecting our health and is part of an emerging category in the global high-tech arena. Nanit takes the science of sleep one step forward and revolutionizes this field through computer vision and machine learning technology. Just as we know how to monitor our nutrition and physical fitness, Nanit enables the monitoring of each person's sleeping habits, the first stage starting off with babies. Nanit's unique home-based camera monitors and analyzes sleep patterns in real-time and updates parents on their children's quality of sleep, something which directly affects their physical, mental and emotional development. JVP is always looking for groundbreaking innovation - and we believe that Nanit is exactly that.”
Nanit CEO Dr. Assaf Glazer said, “Nanit is redefining the baby monitor space by creating a non-wearable device that provides parents with valuable information about their baby’s sleep development.This is a game changer not only for parents, but for research institutes."
Since launching in 2016, Nanit’s smart baby monitor has helped thousands of children - and their parents - get more sleep, thanks to its exclusive sleep insights, behavioral analysis, expert guidance, and nightly video summaries. The company has established a strong base of customers in the U.S. through national retail partnerships with buybuy BABY and Amazon, and plans to use the funding to further expand distribution domestically and internationally in key markets including Canada and Europe.
"Computer Vision as a field has significantly better ability to monitor health & well-being of humans and provide early detection of diseases than the human eye alone," said Mark Suster, Managing Partner at Upfront Ventures and the first major investor in the company, "Nanit's team of Israeli Phd founders is so far advanced in this area that I believe you'll be reading about their innovations for years."
Published by Globes [online], Israel business news - www.globes-online.com - on May 21, 2018
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