LONDON: UK-based consumer electronics startup Nothing has raised $200 million in a Series C funding round, valuing the company at $1.3 billion as it pivots from smartphones to a broader portfolio of AI-native devices.
The round was led by Tiger Global, with participation from GV, Highland Europe, EQT, Latitude, I2BF, Tapestry, Qualcomm Ventures, and Nikhil Kamath of Zerodha, the company said Tuesday.
“This milestone marks the start of our next phase: From being the only independent smartphone company to emerge in the last decade, towards building an AI-native platform in which hardware and software converge into a single intelligent system,” said Carl Pei, Nothing’s CEO and co-founder.
Founded by Pei, a former OnePlus executive, Nothing has shipped millions of devices and crossed $1 billion in cumulative sales earlier this year. The company reported a 150% revenue increase in 2024 and a 146% year-over-year growth in smartphone shipments in India during Q2 2025, making it the fastest-growing smartphone brand in the country for six consecutive quarters, according to Counterpoint Research.
Pei said the company plans to launch its first AI-native devices in 2026, expanding beyond smartphones, earbuds, and smartwatches into categories such as smart glasses and robotics. Nothing is also developing a “hyper-personalised” operating system tailored to individual users, aiming to replace the current “one-size-fits-all” approach.
Alongside the institutional round, Nothing will open a community funding round to allow retail investors to participate in its next phase of growth.
Known for its minimalist design, strong branding, and user-focused interface, Nothing has cultivated a loyal following by challenging conventional tech aesthetics and reducing software bloat.