Nanit, the technology company behind the most advanced smart monitoring system that connects parents to their baby's health and well-being, today announced it has closed a $25 million Series C funding round led by new investor GV (formerly Google Ventures). Existing investors Jerusalem Venture Partners (JVP), Upfront Ventures, RRE Ventures, and Rho Capital Partners also participated in the round, which brings the company's total capital raised to $75 million.
The Series C financing builds on an exceptional year for Nanit which saw its user base double and year-over-year revenue growth of over 130%. Nanit's market success is driven by its ability to provide 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 the most 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.
Further cementing Nanit's category leadership, the company 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. With Smart Sheets, Nanit is now the only smart baby monitor on the market that can track your baby's sleep, breathing motion and growth while also capturing precious moments and milestones. Nanit's new flagship products will hit shelves across the U.S. and Canada this week at major retailers including Amazon, Best Buy, buybuy BABY, Pottery Barn Kids and Target, as well as other independent retailers.
"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," said Nanit CEO Sarah Dorsett. "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."
In addition to the new funding, GV Partner Frederique Dame will join Nanit's Board of Directors with longtime investors Upfront Ventures Partner Mark Suster, JVP Founder and Executive Chairman Erel Margalit, RRE Ventures General Partner Will Porteous and independent advisor Meka Millstone-Shroff.
"Nanit is driving the evolution of connected health for parents and babies through the company's unique use of artificial intelligence and computer vision technology," said Frederique Dame, Partner at GV. "I look forward to supporting Nanit as they continue to modernize the new parent experience and safely connect families to children's health and each other through meaningful data and insights."
Funds from the round will enable Nanit to meet global 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. In the near term, the company will focus on international expansion and connecting users worldwide in the Nanit digital platform by celebrating their shared experiences throughout the parenting journey.
To learn more about Nanit, visit Nanit.com.
About Nanit
The Nanit family of award-winning products keep parents connected and informed while providing personalized insights and guidance to support their baby's sleep and well-being. From the AI-powered Nanit HD camera that tracks and analyzes a baby's sleep and growth, real-time breathing motion monitoring with Breathing Wear, to capturing amazing moments and milestones with the in-app Memories feature, Nanit helps parents see and understand everything happening in and around the crib. Since launching in 2016, Nanit has tracked over 212 million hours of sleep, 42 million parental visits, and over 21 million morning wakeups. For more information, please visit www.nanit.com and follow Nanit on Facebook,Twitter and Instagram.
