Prime Highlight
- Nothing raised to $200 million in Series C funding, valuing the company at $1.3 billion.
- The company plans to shift from smartphones to building an AI-native platform as its next growth phase.
Key Facts
- Founded in 2020 by OnePlus co-founder Carl Pei, Nothing has shipped millions of devices and crossed $1 billion in cumulative sales by early 2025.
- The company reported 150% revenue growth in 2024 and built a global supply chain for its smartphones and earbuds.
Background
Nothing, a London-based consumer technology company, has raised a Series C round of funding of up to $200 million, giving the company a valuation of up to $1.3 billion. The round of funding, which is led by existing and new investors, follows the company as it is about to shift the focus out of the production of smartphones and onto the production of an AI-native platform.
Founded in 2020 by OnePlus co-founder Carl Pei, Nothing has aimed to build the first independent smartphone brand in the past decade. Pei said the company focused on building hardware at scale to prepare for the next technological shift. “We had a thesis that if we could build a smartphone business at scale and own the last-mile distribution point in consumer tech, we would be well-positioned for the next technology shift,” he said.
Since its launch, Nothing has shipped millions of devices, reaching over $1 billion in cumulative sales by early 2025. The company reported a 150 percent revenue growth in 2024 and has developed a global supply chain for its products, which include smartphones and wireless earbuds.
Looking ahead, Nothing plans to use its smartphone platform as the foundation for an AI-native ecosystem. The company envisions hyper-personalized operating systems that adapt to individual users rather than a single one-size-fits-all system. Over time, this OS will expand across other devices, including smartwatches, audio products, smart glasses, humanoid robots, and electric vehicles.
Pei said building the hardware business required balancing quick product launches with innovation that resonates with the community. The new funding will support Nothing’s next phase of growth, helping it move from hardware to a unified intelligent platform aimed at the AI era, positioning the company to deliver personalized experiences for billions of users worldwide.
