Israeli startup Nanit, the developer of computer vision and machine learning algorithms to monitor and understand babies’ behavior patterns, has raised $21 million in financing led by existing investors Jerusalem Venture Partners (JVP), Upfront Ventures, RRE Ventures, and Rho.
Nanit has raised $50 million to date including this funding round. The company will use the proceeds for product development and further global growth.
Founded in 2015 by Andrew Berman, Assaf Glazer, and Tor Ivry, Nanit’s AI-powered camera tracks and analyzes a baby’s sleep and breathing motion. Nanit helps parents see and understand everything happening in and around the crib, also capturing amazing memories.
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.”
Erel Margalit, Founder, and Chairman of JVP said “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,” he added, “The coronavirus crisis has demonstrated once again how important technology is for families to stay connected.”
The NPD Group recognized Nanit for the top increase in North American Market Share in the smart baby monitor category with its Consumer Electronics Industry Performance Award. The company has extended its distribution through national partners including Target.com, Best Buy, and its own direct to consumer channel.
Nanit products distributing in the U.S, Canada, and most recently in the United Kingdom.
The company claims it has tracked more than 86 million hours of sleep, 20 million parental visits, and over 8 million morning wakeup.
“Nanit has solved the age-old problem of teaching your baby to fall asleep. The company’s products are expanding our understanding of “life in the crib” and giving families more ways to share in the joy of parenting. The company has achieved incredible product-market fit and we believe Nanit is well-positioned to address a wide range of health and wellness questions for families and physicians,” said Will Porteous, General Partner, RRE Ventures.