Nothing, thanks to the huge brand value of OnePlus co founder Carl Pei, has immediately become a huge name in the world of venture capital. After raising $15Mn in a Series A funding round earlier this year, the company has announced a “Series A extension” raising another $50Mn, bringing its to date raise to $70+ Mn.
The company plans to use these funds to research and development in preparation for the brand’s entry into new product categories as part of its ecosystem.
Swedish House Mafia members Axel Christofer Hedfors and Sebastian Ingrosso are among the investors participating in the financing round. Other than these, the company has not named any names as to who participated in the round.
The firm, which was Carl Pei’s next big thing after OnePlus, has already launched its first product- the Ear (1), which has been received with open arms by the markets. In fact, it claims that it has shipped over 100,000 units of the earphones in the past two months.
Pei said, “The successful launch of our first product, Ear (1), proved that there is room for a new challenger brand to emerge and disrupt today’s sea of sameness. Users deserve better products that are simpler to use, accessible, yet look amazing. Seamless connectivity is paramount to achieving our vision of a future without barriers between people and technology. We look forward to working alongside Qualcomm Technologies and our strategic investors to achieve Nothing’s next phase of growth.”
Yes, you read that right. Nothing also announced a partnership with Qualcomm, with the goal of using its chips for its next products. This comes at a time where many firms are moving away from Qualcomm to build their own chips for a multitude of reasons, led by the firm mover in the market-Apple.
Thus, this partnership will be helpful to both parties, as Qualcomm will get new business in some troubling times and Nothing will be able to leverage its partners experience in the market to deliver high quality products.