The investment builds on an exceptional year for Nanit which saw its user base double and year-over-year revenue growth of over 130%, the company said.
By ZEV STUBNanit's smart baby monitor system(photo credit: Courtesy)
Baby-monitor technology company Nanit said it 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 investment builds on an exceptional year for Nanit which saw its user base double and year-over-year revenue growth of over 130%, the company said. The funds will enable it to invest in infrastructure and staffing as well as R&D to create more innovative products, services and features to focus on its international expansion, Nanit said."This company is serving young parents with a digital nursery so they can monitor the development of their baby and create a community around it," said JVP founder and chairman Erel Margalit. "This is a huge category, and Nanit's product is the top seller in the US. I believe this is a unicorn in the making."(L-R) Nanit CEO Sarah Dorsett and JVP founder and chairman Erel Margalit. (Courtesy)The product's most significant benefit is the way it builds community around the baby, Margalit said. "It starts with a camera in the nursery and in the crib, but the key here is not the hardware. Its software allows parents to share information with family and friends. We're working on adding doctors to the community who can help with counseling on the baby's health, and from whom you could easily ask advice about teething pains, ear infections and the like."Nanit’s 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 also unveiled this week an updated version of its HD nursery camera, as well as Nanit Pro Smart Sheets, a first-of-its-kind textile that allows parents to measure their baby’s height and track their growth using the camera’s computer vision, which can read the ink pattern on the Nanit crib sheet. It can also track a baby's sleep, breathing motion and growth while capturing important moments and milestones on video.“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."This is an example of great technology coming out of the Technion and Cornell University in the US to become one of hottest companies for parents in the US," Margalit said. "The addition of Google Ventures strengthens Nanit's position as a global category leader, and I'm happy that the company is led by a woman, as this type of company should be."Following the round, GV partner Frederique Dame will join Nanit’s board of directors with longtime investors Upfront Ventures partner Mark Suster, JVP's Margalit, RRE Ventures general partner Will Porteous and independent advisor Meka Millstone-Shroff.
