Nothing hits $1.3B valuation with $200M Series C, eyes global AI hardware expansion

Founded in 2020, Nothing has shipped millions of devices and achieved $1B+ in sales, now pivoting toward an AI-native future—developing intelligent hardware-software systems that adapt in real time, positioning itself as a serious contender in next-gen consumer tech

Smartphone maker Nothing has announced a $200 million Series C funding round, bringing the company’s valuation to $1.3 billion. This milestone marks a strategic shift for the London-based startup as it moves from hardware innovation into building an AI-native platform that blends intelligent software with next-generation devices.

The round was led by Tiger Global, with continued support from key investors including GV, EQT, Highland Europe, Latitude, I2BF, and Tapestry, alongside new backing from Qualcomm Ventures and Nikhil Kamath.

From smartphones to AI-native ecosystems

Founded in 2020, Nothing is best known as the only independent smartphone brand to gain global traction in the past decade. With over $1B in total sales and 150% year-on-year growth in 2024, the company has shipped millions of devices worldwide. Now, Nothing is preparing to redefine personal tech by embedding AI deeply into its hardware products.

“We built Nothing to own the last-mile distribution in consumer tech. That gave us a foundation to be ready for what’s next,” said Carl Pei, CEO and Co-founder of Nothing. “That ‘next’ is now clear: an AI-native future where hardware and software merge to form a single, intelligent system.”

Pei outlined a vision for an AI-first operating system—one that adapts to each user in real time. “Today’s phones barely scratch the surface of AI. We’re imagining a world where every device knows its user deeply, adapts to context, and can take action proactively,” he added.

The next billion-device opportunity

While smartphones remain the dominant personal computing device, Pei believes the next wave will be a new class of AI-native devices that are always accessible, multimodal, and context-aware. “A billion different operating systems for a billion different people,” he said.

Nothing is already exploring AI-integrated products beyond phones, including smartwatches, earbuds, and future devices like smart glasses and robotics.

The new capital will accelerate product development and expand global distribution. Additionally, the company is planning its next Community Investment Round, allowing users and fans to become co-owners of the brand.

“We’ve built the hardest part — the infrastructure. Now we’re ready to move fast and build what comes next,” said Pei.

Nothing’s next-generation AI-native devices are expected to launch in 2026, as the company doubles down on shaping the future of personal computing.