The company plans to use the funds raised to expand its operations, strengthen its team and further invest in research and development. The proceeds will also be used to launch its community and its first set of smart products in the coming months.
“We are grateful to have a venture capital firm of this caliber help in building Nothing together with us,” Pei said “We plan to aggressively grow the company, in particular, our R&D and design capabilities, to realize our mission of removing barriers between people and technology.”
This financing comes on
heels of securing $7 million in seed financing from a clutch of prominent investors including iPod inventor Tony Fadell, Twitch cofounder Kevin Lin, Reddit chief executive Steve Huffman, PCH founder and chief executive Liam Casey, Cred founder Kunal Shah, prominent YouTuber Casey Neistat, Product Hunt chief executive Josh Buckley, and Web Summit founder Paddy Cosgrave. The company has raised over $22 million to date.
“Carl Pei is a seasoned entrepreneur with marketing, hardware, and distribution experience that is key to bringing new devices to market. His vision for smart devices is compelling, and we have high confidence that with Carl’s global mindset, the Nothing team will have a meaningful impact on the market for consumer technology” said Tom Hulme, General Partner at GV.
Nothing said it also plans to allow members of its upcoming community and the general public to invest in the company as part of its Series A round, details of which are expected to be disclosed in the coming weeks.
After a surprise exit from OnePlus in October last year, Chinese-born Swedish entrepreneur Pei had unveiled his new venture last month.
“Nothing’s mission is to remove barriers between people and technology to create a seamless digital future. We believe that the best technology is beautiful, yet natural and intuitive to use. When sufficiently advanced, it should fade into the background and feel like nothing” Pei
had said last month.