Consumer tech firm Nothing raises $70 mn to foray into new products

Consumer tech company Nothing on Wednesday said it has raised $70 million in its Series B funding, co-led by EQT Ventures and C Ventures, as it reportedly works on a next-gen smartphone and reveal it soon.

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The funding will be used to create new product categories in partnership with Qualcomm Technologies and its Snapdragon platform, and grow operations at its new London Design Hub, led by ex-Dyson Head of Design Adam Bates.

"With this round of financing, we have the fuel to realise the next phase of our vision of a seamless digital future," said Carl Pei, Nothing CEO and Co-founder.

"Our first year was a warmup, and we can't wait to reveal what we're building at Nothing during the upcoming event," he added.

The round also saw participation from GV, Tony Fadell's Future Shape, Gaorong Capital and Animoca Brands.

The new investment brings the total funding raised by Nothing to $144 million to date.

The funding will be used to create new product categories in partnership with Qualcomm Technologies and its Snapdragon platform, and grow operations at its new London Design Hub, led by ex-Dyson Head of Design Adam Bates.

The company is set to reveal its 2022 roadmap at an event on March 23.

"Nothing represents a bright, new future - combining innovative design with carbon-neutrality and a forward-thinking approach to help us all re-imagine how we use and interact with our tech,' said Ted Persson, Partner at EQT Ventures.

Nothing released its first product, ear (1), carbon-neutral true wireless earbuds in August 2021, shipping over 400,000 units. It is the first step in a promised series of seamlessly connected products, defined by iconic design.