London-based smartphone company Nothing has secured $200 million in funding from investors led by Tiger Global, valuing the company at $1.3 billion, as it aims to incorporate artificial intelligence into its products. The global smartphone market is dominated by the likes of Apple and Samsung, currently valued at $3.513 trillion and $377.79 billion, respectively.
Reuters:
Swedish tech entrepreneur Carl Pei founded Nothing in 2020 after leaving mobile maker OnePlus and launched its first smartphone in 2022.
“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 smart watches… in the future, our operating system will carry into smart glasses, humanoid robots, EVs, and whatever comes next.”Existing shareholders GV, Highland Europe, EQT, Latitude, I2BF, and Tapestry participated in the funding round.
MacDailyNews Take: For perspective, Apple generates, on average, $200 million every 4.3 hours and $1.3 billion every 1.21 days.
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