Nanit raises $21 million in funding for its smart baby monitor and sleep tracker devices
Nanit, a New York City tech startup and maker of smart baby monitor for the Internet of Things (IOT) era, said on Tuesday it raised $21 million in a private funding round for the next phase of its product development and to expand globally. The round, which brings the company’s total funding raised to date to $50 million, was led by Jerusalem Venture Partners (JVP), the company’s largest investor, Upfront Ventures, RRE Ventures and investment firm Rho.
Founded in 2015 by Andrew Berman, Assaf Glazer, and Tor Ivry, Nanit team is a tight-knit collection of scientists, parents and designers—experts in the first beautiful months of human life. They have developed advanced computer vision and machine learning algorithms to help us measure human behavior. The team use this knowledge and technology to create innovative products that are safer and smarter, for parents and babies everywhere. Their team comes from great companies like Applied Materials, Diapers.com, Philips, Time Warner and Tiny Love, where they’ve focused on building brands and products people love.
Sarah Dorsett, CEO of Nanit 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.”
“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.”
Since launching in 2016, Nanit, which uses artificial intelligence and computer vision, has tracked more than 86 million hours of sleep. One of the features of the system is that parents can loop friends and families into the parenting team, so they can feel together even if they can’t be there in person, Nanit said.
“The coronavirus crisis has demonstrated once again how important technology is for families to stay connected,” said Erel Margalit, chairman of JVP.
Nanit also partners with leading computer vision experts, sleep researchers and clinicians, pediatricians, and human-centric design leaders, as well as the Jacobs Technion-Cornell Institute.