The developer of a machine learning-enhanced baby monitor, Nanit,
has managed to nab $21 million in financing even amid the teeth of an
epidemic that has slowed venture financing across the board.
The round came from existing investors, including: Jerusalem Venture Partners, Upfront Ventures, RRE Ventures and Rho Capital Partners, and brings the company’s total capital to $50 million.
Nanit said it would use the financing for continued product development and global expansion.
For Nanit, the social distancing required to stop the spread of the
COVID-19 epidemic has proven to be a huge boost for business. Families
with grandparents, aunts and uncles make up 20% of the company’s active
users, according to a statistic provided by Nanit.
The company
didn’t even have to tap outside investors or go on a road show for its
recent raise, according to chief executive Sarah Dorsett. So far, Nanit
has sold more than 150,000 cameras and has at least twice as many users
who are accessing the company’s app for remote monitoring of newborns
and one-year-olds.
Prices for the sleep monitoring and video device
range from $299 for a wall-mounted camera to $379 for one attached to a
floor stand. Currently, Nanit sells its monitoring devices in the U.S.,
Canada and the U.K.
The company’s app
is free for the first year and then costs $5 per month to connect three
users to the app. Upgrades are available for $10 per month for more
users or $30 per month for unlimited users. And the company’s new line
of wearable breathing bands, swaddles and sleeping bags range from
$19.99 to $59.99.
Nanit does more than just provide a live,
shareable feed of movements. The company is getting set to launch a new
feature that would capture when a baby smiles or when they begin to move around in a crib, according to Dorsett.
“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,” Dorsett, said in a statement. “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.”
Nanit has also launched a new line of wearables called Breathing Wear that track their infant’s breathing motion by reading the pattern printed on the fabric without putting sensors on their skin.
“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, in a statement.
Source Jonathan Shieber, TechCrunch,
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