Newborn nap time is now big business
The so-called Internet of Things – where physical objects are outfitted with sensors, processing capabilities, software, and other technologies – has given the world smart devices that no one has ever asked for, connecting forks, piggy banks and egg trays around the world. the Web.
But one thing people have demanded since time immemorial – a way to prevent their newborn from waking them up at 3 a.m. – has launched a venture capital baby boom, with smart cribs leading the pack this week.
The number of venture capital deals for U.S. start-ups has grown from 32 in 2016 to 59 so far in 2021, according to PitchBook data obtained by Axios, and the amount of money in those deals has grown over that doubled from $ 182 million to $ 491 million. This week, the activity has been intense:
- Cradlewise, a ‘smart crib’ start-up that uses sensors to detect when a baby starts to wake up and put them back to sleep, raised $ 7 million in seeds on Tuesday, a day before Bloomberg reported Happiest Baby, another smart cradle maker, is approaching $ 100 million in annual revenue, and is considering a $ 1 billion IPO.
- Last week, the Huckleberry baby app – which 1.2 million families use to track feeding times, diaper changes, naps, medications, and more. – raised a Series A financing round of $ 12.5 million.
And the cradle will tip over: The baby-tech market will be worth $ 1.9 billion by 2027, according to Allied Market Research. Most apps are free, but smart devices can cost Junior’s gold weight: Happiest Baby’s smart cradle, the Snoo, costs $ 1,595.
Sleepless nightmares: While the cradle cradle relieves parents, certain baby technologies can actually make their lives worse. Technology that tracks breathing when it’s not medically necessary, for example, only stresses parents. “A lot of these things keep parents awake,” digital health startup consultant Leslie Shrock told Axios.