‘Nothing’ may be new to the arena, but it seems to have the potential to give some of the biggest players a run for their money. Founded by OnePlus co-founder Carl Pei in 2020, the company rolled out its first products – carbon-neutral wireless earbuds known as the Ear (1) transparent earbuds – in August 2021. The product has been a hit if the fact that it has shipped 400,000 units so far is any indicator.
Now, the company has scooped up $70 million in its Series B funding round. The round was co-led by EQT Ventures and C Ventures and included participation from existing investors such as GV and iPod inventor Tony Fadell’s Future Shape. It also included participation from new investors such as Animoca Brands and Gaorong Capital. With this, the company has raised $144 million in funding to date.
It seems that the proceeds from the fresh funding round will be deployed towards entering into new product categories in collaboration with Qualcomm and its Snapdragon platform. We know that a smartphone made by Nothing is on the cards (as was revealed during this year’s Mobile World Congress. The smartphone has been in the works for over a year, and the company plans to announce it next month.
Funds will also be used to grow its operations at its new London Design Hub. The Hub is led by Adam Bates, former Design head at Dyson. Pei, the co-founder, and CEO believes that with the current round of financing, the company can realize the next phase of its vision of a seamless digital future. “Our first year was a warmup, and we can’t wait to reveal what we’re building at Nothing during the upcoming event,” he added.
If you are wondering more about Nothing’s plans for the future and what event Pei is talking about, all you have to do is wait till March 23 to get your answer. That’s right, Nothing will be shedding light on some of its future path via a live-streamed event on March 23. The event is called “The Truth.”
Backed by high-profile names such as CRED’s Kunal Shah, filmmaker, and producer Karan Johar, ex-Indian cricketer Yuvraj Singh, fashion designer Sabyasachi Mukherjee, as well as Twitch co-founder Kevin Lin and Reddit CEO Steve Huffman, Nothing plans to build what it calls “an ecosystem of smart devices.” Its arrival is a breath of fresh air in the tech industry, which continues to be dominated by a handful of titans.
According to Ted Persson, Partner at EGT Ventures, Nothing represents “a bright, new future – combining design with carbon-neutrality and a forward-thinking approach to help us all re-imagine how we use and interact with our tech.”