London-based device maker Nothing has raised $200mn in new funding to continue its push to be a rare challenger from outside China to the dominance of Apple and Samsung in the global smartphone market.
The financing values the five-year-old start-up at $1.3bn, including the new capital raised, equipping the company to explore new kinds of devices driven by artificial intelligence.
Carl Pei, founder and chief executive, said Nothing made $500mn in sales last year, representing a 150 per cent increase from the previous year. He said the group sold a total of 7mn of its smartphones, headphones and earbuds to date. It is on track to hit $1bn in revenues this year, Pei added.
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