London-based smartphone company Nothing announced on Tuesday that it has raised $200 million in funding, led by Tiger Global, valuing the startup at $1.3 billion. The fresh capital will help the company advance its plans to integrate artificial intelligence (AI) into its devices.
The global smartphone industry remains dominated by Apple and Samsung, with only a few European players such as Fairphone and HMD Global attempting to break into the market.
Founded in 2020 by Swedish entrepreneur Carl Pei, who previously co-founded OnePlus, Nothing introduced its first smartphone in 2022.
Since its debut, the company has expanded its product line to include earbuds, shipped millions of devices worldwide, and surpassed $1 billion in cumulative sales.
“For AI to reach its full potential, consumer hardware must reinvent itself alongside it,” Pei said in a statement.
“We are starting with smartphones, audio products, and smartwatches … in the future, our operating system will carry into smart glasses, humanoid robots, EVs, and whatever comes next.”
Existing investors including GV, Highland Europe, EQT, Latitude, I2BF, and Tapestry also participated in the latest funding round.
Prior to this, the company had raised nearly $100 million in 2023.
