Israeli smart baby monitoring system developer Nanit today announced that it has closed a $25 million Series C financing round led by new investor GV (formerly Google Ventures) and with the participation of existing investors Jerusalem Venture Partners (JVP), Upfront Ventures, RRE Ventures, and Rho Capital Partners. The latest financing brings to $75 million the total capital raised by the company.
Funds from the round will enable Nanit to meet worldwide customer demand by investing in infrastructure and staffing as well as R&D to create more innovative products, services and in-app features that build upon Nanit's core technology and insights.
Headquartered in New York, with its development offices in Israel, the company was founded in Israel by Dr. Assaf Glazer, Tor Ivry and Andrew Berman.
Over the past year, Nanit reports that its user base has doubled and year-over-year revenue grew by more than 130%.
Nanit provides parents with immediate information and personalized data on their baby and toddler's health and well-being right to their phone. The solution starts with Nanit's AI-powered overhead nursery camera which uses advanced computer vision technology to see and hear everything happening in and around the crib combined with machine learning and data-backed sleep science to provide actionable insights that help parents learn about their child's development. Nanit's proprietary line of Breathing Wear apparel integrates with the Nanit camera giving parents the ability to safely monitor their baby's breathing motion without sensors or wires. Together with the Nanit app, these products and features provide in-depth personalized insight available for helping babies, and parents, sleep well and feel confident during the crucial early years of a child's life.
The company has unveiled its next generation HD nursery camera the Nanit Pro alongside Smart Sheets, a first-of-its-kind textile that allows parents to measure their baby's height and track their growth using the Nanit camera's computer vision which can read the ink pattern on the Nanit crib sheet.
Nanit CEO Sarah Dorsett said, "We are excited about what Nanit can do to support families in their incredible parenting journey and believe there are endless opportunities, both now and in the future, to provide parents with personalized insights into their child's health and development that we've never had before. With the strong backing of our investors and a rapidly growing global community of loyal users, we will continue to introduce innovative solutions that make parenting easier and that are natural extensions of the technology they are using on a daily basis."
Published by Globes, Israel business news - en.globes.co.il - on February 22, 2021
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