Founded in 2013, Owlet adapted pulse oximetry technology, used by surgeons to monitor oxygen levels and pulse through a finger, to a wireless sock for babies. Owlet's Smart Sock is able to monitor heart rate and oxygen levels. The sock is connected to an in-home monitor, which emits warnings and can stream data real time to a connected app.
Owlet also has the Owlet Cam, which streams video and two-way audio to a connected smartphone.
In 2013, Owlet participated in R/GA's Connected Devices Accelerator based on Techstars methodology. The three-month mentoring program included $120,000 in funding through R/GA Ventures.
Owlet raised $7 million for their Series A round announced in August 2015. Formation 8 led the round which included participation from Carpe Diem VC, Azimuth Ventures, ff Venture Capital, Eniac Ventures and Peak Capital. The funding went towards Owlet publicly launching their product. $1 million in funding was received through participation in a government National Institutes of Health (NIH) grant.
In November of 2016, Owlet announced $15 million raised in funding. The round included investment from Eclipse Ventures, Eniac Ventures, Trilogy Equity Partners, The Amazon Alexa Fund, RTP-HC, Capital Integral and Broadway Angels. Included in this round of funding was a $1.5 million grant from NIH to further infant health research.
Capital raised in the round was committed toward expanding its retail and international distribution, launch two new products, and launch an infant health study.
Announced in May 2018, Owlet raised a further $24 million to close their Series B. The round was led by Trilogy Equity Partners and included participation from Eclipse Ventures, Broadway Angels, Enfield Ventures, and Pelion Venture Partners.