We are thrilled to announce a new round of funding — $200M in our Series C, elevating our valuation to $1.3B. This milestone signifies the beginning of a new chapter for us: evolving from the only independent smartphone company of the last decade to pioneering an AI-native platform where hardware and software merge into a single intelligent system.
Laying the Groundwork for the Future
When we founded Nothing, our belief was that establishing a large-scale smartphone business and controlling the final consumer touchpoint would strategically position us for the next technological wave. While the specifics were unclear then, the opportunity is now unmistakable.
From inception, we recognized the need for a comprehensive value chain that could rapidly deliver products with quality and at scale. As seen with many who’ve attempted, launching a hardware company is challenging, with numerous potential pitfalls and little margin for error. For us, this meant creating a team adept at quickly launching products while fostering an innovative spirit to create experiences our community loves.
Today, our foundation is robust. From award-winning designs to a global manufacturing and supply chain network optimized for quality and cost, we’ve shipped millions of devices. By 2025, we expect to surpass $1B in total sales, with a 150% growth in 2024.
This infrastructure, though challenging to build, has been our most valuable achievement. Thanks to our community’s support, we’ve reached a position that’s difficult to replicate: launching any consumer hardware product from start to finish in months, leveraging global operations for worldwide distribution and service, and engaging a co-creative global user community—all without facing the innovator’s dilemma or bureaucratic hurdles. Onward to chapter 2.
Revolutionizing Operating Systems
In the past 18 years, smartphones have become ubiquitous, serving as the primary tool for managing daily tasks. Beyond their reach, smartphones’ unique access to contextual information and user insights makes them the most potent consumer device. Thus, I believe smartphones will remain crucial in the AI era.
However, while AI has advanced remarkably in recent years, the smartphone experience has stagnated, with innovations limited to minor improvements in photo editing, translations, and assistant features.
For AI to fulfill its potential, consumer hardware needs to transform alongside it. This is where Nothing sees opportunity. We envision future operating systems vastly different from today’s. Each system will deeply understand its user, becoming hyper-personalized. Interfaces will adapt contextually, and once intent is confirmed, agents will act on our behalf, allowing us to focus on what truly matters. Unlike today’s one-size-fits-all solutions, a billion unique operating systems will cater to a billion individuals.
Over time, this OS will transcend all forms: starting with smartphones, audio products, and smartwatches—devices people already use daily. Eventually, our OS will extend to smart glasses, humanoid robots, EVs, and beyond.
Why are we uniquely positioned to create this future? Owning the last-mile distribution point, with its contextual and user insights, is crucial for developing an OS that genuinely assists in everyday life. An AI OS without user knowledge can’t deliver a hyper-personalized experience. This is Nothing’s next chapter: integrating AI experiences into our hardware to redefine how technology enhances us.
The Next Billion-Unit Product
In the near term, smartphones will continue as the only device shipped in billion-unit scales annually. But soon, we’ll carry an equally crucial additional device. As context enriches AI, it becomes more useful. While powerful, smartphones aren’t always accessible—sometimes they’re in our pockets, or we’re on the move with full hands.
A new class of AI-native devices will arise—products available when needed, paired with intelligence that converts understanding into action. This is an exciting time, imagining devices that capture context across modalities, generating on-demand interfaces shaped by user goals. We’ve been diligently envisioning this future and eagerly anticipate launching our first AI-native devices next year.
Series C Funding and Future Plans
This funding round empowers us to realize this vision by accelerating our innovation roadmap and scaling our distribution network. Led by Tiger Global, with strong backing from existing shareholders GV, Highland Europe, EQT, Latitude, I2BF, and Tapestry, alongside new strategic support from Nikhil Kamath and Qualcomm Ventures. Additionally, we’re preparing to launch our next Community round, offering our supporters another chance to join Nothing’s journey. More details will follow. As we progress, we do so with immense gratitude to our community, team, and partners. This next chapter is possible because of you.
— Carl Pei, CEO and Co-founder of Nothing.
