Update, Apr 14, 2017: Now available for iPhone too.
Following apps like YouTube Kids, Google is working on providing a more child friendly experience for Android. Launching as invite only, Family Link allows parents to control what apps children can use on managed devices, as well as set screen limits and usage locks.
The Family Link apps allows parents to create a managed Google Account for their child. Installing the app and signing into that account on an intended device will present parents with several management options.
Parents have full control over what kids can download from the Play Store, while being able to track how much time is spent in those apps. Reports show usage on weekly and monthly increments. There are also daily screen time limits, as well as a more general device bedtime that remotely locks devices after set hours.
The Android 7.0 or higher requirement is a notable limitation given how relatively few devices are currently running Nougat. Additionally, tablets, which parents are more likely to give to young children than phones, have yet to widely see the latest version of the OS.