Nanit Secures $21 Million in Growth Funding
Nanit’s Unique Ability to Connect Families Has Fueled Growth and Garnered Raise During the COVID-19 Pandemic
Nanit, the company behind the most advanced smart baby monitor and sleep tracker, announced the completion of $21 million in financing, even as COVID-19 has developed into a global pandemic. Led by existing investors Jerusalem Venture Partners (JVP), Upfront Ventures, RRE Ventures, and Rho Capital Partners, this funding brings the company’s total capital raised to $50 million. Nanit will use the proceeds for the next phase of its product development and to further grow its global footprint.
Nanit’s consumer success has been driven by its ability to keep families connected. Nanit parents are able to loop friends and families into the parenting team, so everyone can feel together even if they can’t be there in person. During the COVID-19 pandemic, this has become an essential feature for families with grandparents, aunts, uncles and others making up 20% of Nanit’s active users – demonstrating how important the solution is for families separated by a few blocks or even countries.
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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.”
Over the past year, Nanit’s exponential growth can be attributed to numerous factors:
- 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.
- New product expansion with the introduction of Breathing Wear, a line of custom-designed cotton wearables that allow parents to track their infant’s breathing motion by reading the pattern printed on the fabric without putting sensors on their skin. Since launch, customers have purchased nearly two pieces of Breathing Wear for every Nanit camera sold, greatly improving the company’s LTV.
- International expansion with the retail launch of Nanit products in Canada and most recently in the United Kingdom.
- Named by Fast Company as one of the Most Innovative Companies of 2019 in Data Science, Nanit has tracked more than 86 million hours of sleep. Its computer vision technology is being applied in research environments through partnerships with leading institutions like Cornell-Weill, Yale and HSS to expand its sleep research and further support the wellbeing of families. With this research, Nanit is offering an unprecedented look into babies’ sleep, expanding the company beyond its consumer capabilities, and providing valuable data for the health and wellness community, as witnessed in Nanit’s first State of Sleep report issued in March.
“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.