Nanit, a maker of smart baby monitor and sleep tracker devices, raised $21 million in a funding round, bringing the company’s total raised to date to $50 million.
The new funds came from existing investors, including Jerusalem Venture Partners (JVP), Upfront Ventures, RRE Ventures, and Rho Capital Partners, an investment firm.
The new funds will be used for the next phase of its product development and to further grow its global footprint.
Since its launch in 2016, Nanit, which uses AI and computer vision, says it has tracked over 86 million hours of sleep. So far, the company has sold over 150,000 cameras and has more than 300,000 users who are accessing its app for remote monitoring of newborns and one-year-olds.
The company announced product expansion with the introduction of a cotton wearable – Breathing Wear. This cotton wearable allows parents to track their infant’s breathing motion by reading the pattern printed on the fabric without putting sensors on their skin according to the company.
Prices for the Nanit Plus Camera range from $299 (for a wall-mounted camera) to $379 (for one attached to a floor stand); and its new wearable breathing bands, swaddles, and sleeping bags range from $19.99 to $59.99. Currently, the company sells its monitoring devices in the U.S., Canada, and the U.K.
“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.
Digital wearable health monitoring companies have raised over $3 billion VC funding since 2013, according to Mercom funding database. Early this year, Oura Ring, a Finnish startup that makes smart rings that track sleep and activities, raised $28 million in Series B funding from Forerunner Ventures, Square, and Gradient Ventures.