Nothing, the consumer technology brand founded by OnePlus co-founder Carl Pei, has raised $200 million in a Series C funding round that values the company at around $1.3 billion. The investment was led by Tiger Global, with participation from GV, EQT, Latitude, Tapestry, Highland Europe, Qualcomm Ventures, and Indian entrepreneur Nikhil Kamath. According to the company, the fresh capital will be used to develop a new generation of AI-native devices, which are expected to arrive in 2026.
Nothing, founded in 2020, has so far raised around $500 million across several funding rounds. Before this latest investment, it secured $50 million in 2021, followed by $70 million in March 2022 and another $96 million in June 2023. In terms of performance, earlier this year the company revealed it had surpassed $1 billion in cumulative sales. Last year (in 2024), it recorded about $500 million in revenue with 150% year-on-year growth, and has shipped around 7 million devices worldwide. Just a few months ago (in July 2025), the company launched its first flagship smartphone, the Phone (3).
Meanwhile, with its latest funding, the company plans to expand beyond its existing portfolio and pioneer devices built around artificial intelligence (AI) from the start. The company claims that these new products will integrate AI at the core rather than just adding it as a feature, enabling more personalized and context-aware user experiences.
Although Nothing has not shared exact details about its upcoming products, the company has hinted that it wants to go far beyond just smartphones and earphones. Its future plans could include smart glasses, connected home gadgets, robotics, and even electric vehicles. The company’s long-term vision might be to create an ecosystem of devices that move beyond basic functions. These products could be designed to work together and use emerging technologies like AI in a broader way.
Carl Pei has pointed out that artificial intelligence (AI) can only be as useful as the information it gets from the devices people use every day. If the hardware is limited, then the AI also becomes limited. Therefore, the company wants to design devices that are built with AI in mind from the very beginning. And by doing this, the firm believes it can create much smarter products.
However, despite all such efforts, the company has faced several controversies and challenges in recent months. For example, in August 2025, it was criticized for using stock photographs in retail demo units of the Nothing Phone (3), which were presented as genuine camera samples. The Phone (3) also drew backlash over its design and pricing. Earlier, in November 2023, the company’s ‘Nothing Chats’ app, developed with Sunbird, was pulled from the Google Play Store within 24 hours due to security flaws, including unencrypted messages and media being sent to third-party services.
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