Independent smartphone maker Nothing has raised $200m (£146.7m) in a Series C funding round that values it at $1.3bn.
Tiger Capital led Nothing’s latest fundraise, along with participation from previous investors such as GV, Highland Europe, EQT, Latitude, I2BF and Tapestry. New backers include Nikhil Kamath and Qualcomm Ventures.
Nothing previously raised $96m in 2023, and although the company claims to have sold “millions of devices” over the past few years, financial losses led it to loan £30m from Santander last December.
The London-based company, which is known for creating affordable phones with a transparent back and a bloat-free operating system, will use this funding to fuel its global footprint and expand its product lineup.
In particular, the company intends to develop a range of artificial intelligence-powered devices with software that anticipates and caters to the individual needs of users. The first products are set to land in 2026.
Carl Pei, CEO of Nothing, laid out his vision for a future where “hardware and software converge into a single intelligent system”. He claims this could include operating systems capable of adapting to the “context and needs” of their users, with suggestions that “surface naturally” and AI agents that perform actions on behalf of users.
“Unlike today’s one-size-fits-all solution, a billion different operating systems will be rendered for a billion different people,” he envisioned.
To begin with, Pei said the firm will develop such an operating system for smartphones, smart watches and audio devices. But in the foreseeable future, it’ll be rolled out to products like smart glasses, electric vehicles and robots.
In addition to accelerating its AI product development, Nothing is also gearing up for a new community round that Pei said will give “supporters another opportunity to become part of Nothing’s journey”. Details are yet to be announced.
