GV backs Nanit
Nanit , the technology company behind the smart monitoring system that connects parents to their baby’s health and well-being, 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.
The company recently 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. Nanit’s new flagship products will hit shelves across the US 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. 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.” – Nanit CEO Sarah Dorsett.
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. 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.” – Frederique Dame, Partner at GV.