May 12, 2020 / 11:10 AM / 13 days ago

Baby monitoring firm Nanit raises $21 million in private funds

TEL AVIV (Reuters) - Nanit, a U.S.-Israeli maker of baby monitor and sleep tracker devices, said on Tuesday it raised $21 million in a private funding round, bringing its total raised to date to $50 million.

The round was led by Jerusalem Venture Partners (JVP), the company’s largest investor, Upfront Ventures, RRE Ventures and investment firm Rho.

The company said it will use the funds for the next phase of its product development and to expand globally.

Since launching in 2016, Nanit, which uses artificial intelligence and computer vision, has tracked more than 86 million hours of sleep.

One of the features of the system is that parents can loop friends and families into the parenting team, so they can feel together even if they can’t be there in person, Nanit said.

“The coronavirus crisis has demonstrated once again how important technology is for families to stay connected,” said Erel Margalit, chairman of JVP.

Reporting by Steven Scheer; Editing by Tova Cohen

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