Nanit, maker of wearable baby sleep-trackers and monitors, scored $21 million in new growth funding. Jerusalem Venture Partners (JVP), Upfront Ventures, RRE Ventures and Rho Capital Partners led the round.
This new infusion of cash brings the New York-based startup’s total funding pot to $50 million.
WHAT THEY DO
Nanit specializes in tracking infants' sleep and breathing. Last June it released a new line of infant clothing called Breathing Wear, which combines a smart-camera system and an app that lets caregivers keep tabs on their child’s sleep and breathing patterns.
Parents can hook up the camera to their baby’s crib. This camera interprets the customized patterns on the baby’s clothing. The system is then able to send this information back to a parent’s smartphone or tablet.
WHAT IT’S FOR
The company plans to use the new funds to expand its product line and global footprint. It is launching its retail products in Canada and the U.K., as well as in the U.S., where it started.
“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," Erel Margalit, founder and chairman of JVP, said in a statement. “We are sure the unique solution and advanced technology will be further expanded into new and exciting product lines.”
Child rearing has become increasingly more digital in recent years. Owlet Smart Socks are designed to give parents insights into a baby’s heart rate and oxygen levels. Sproutling created an ankle wearable that helps monitor a baby’s heartbeat and sleeping position.
Cocoon Cam also developed a video-based smart baby-monitor, which landed $4 million in funding in 2017.