Google's investment arm leads $25 million round in AI baby monitor startup Nanit
The Israeli company has seen its user base double over the past year and year-over-year revenue grow by over 130%
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.
The company said that the series C financing came on the back of an exceptional year which saw its user base double and year-over-year revenue grow by 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.
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.
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.
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,” added Dame.
Erel Margalit, founder and chairman of JVP, added: “We are proud that Nanit is a female-led company that empowers parents to work with peace of mind, while its technology enables all the family, near and far, to track the sleep and wellbeing of their new arrivals. Nanit is on the path to great success, revolutionizing sleep for parents and babies in the U.S. and beyond."