Nothing Secures $200M Series C Led by Tiger Global, Plans AI‑First Device Launch
Key Points
- Nothing closed a $200 million Series C round led by Tiger Global.
- Existing investors GV, Highland Europe, EQT, Latitude, I2BF and Tapestry also participated.
- New strategic backers include Nikhil Kamath and Qualcomm Ventures.
- Funding brings total capital to over $450 million and values the company at $1.3 billion.
- The capital will fund the launch of an AI‑first device next year.
- Nothing’s latest handset, the Phone 3, features a transparent design and unique UI.
- The company has shipped more than five million units, with strong sales in Asia.
- Nothing is building AI‑enhanced software and hired Sélim Benayat to lead AI services.
- Investors see brand recognition as a strength for talent and supply‑chain growth.
Smartphone startup Nothing announced the close of its Series C funding round, raising $200 million led by Tiger Global with participation from existing investors such as GV, Highland Europe, EQT, Latitude, I2BF and Tapestry, as well as new strategic backers Nikhil Kamath and Qualcomm Ventures. The capital brings the company’s total funding to over $450 million and values it at $1.3 billion. Founder Carl Pei said the money will fund an AI‑first device slated for next year, while the firm continues to build its supply chain, expand global sales and develop AI‑enhanced software experiences.
Funding Milestone and Investor Backing
Nothing, the smartphone startup founded by former OnePlus co‑founder Carl Pei, confirmed that it has closed a $200 million Series C round. The round was led by Tiger Global and included existing backers GV, Highland Europe, EQT, Latitude, I2BF and Tapestry, alongside new strategic investors Nikhil Kamath and Qualcomm Ventures. With this infusion, the company’s total funding exceeds $450 million and its valuation reaches $1.3 billion.
Strategic Intent and AI‑First Vision
Matt Watcher of Tiger Global highlighted the company’s focus on “reimagining hardware and software with an AI overlay to position their products for the next era of personal technology.” Nothing plans to leverage the new capital to launch an AI‑first device next year, emphasizing that smartphones will remain the dominant form factor for consumer AI applications for the coming three to five years, according to Pei.
Product Portfolio and Market Position
The firm’s recent product, the Nothing Phone 3, showcases its signature transparent design and a unique user interface. Despite a global market share below 1 percent, the company has captured about 2 percent of the Indian market and has shipped more than five million units to date, with a strong concentration of sales in Asia.
Operational Progress and Future Plans
Nothing has focused on building a robust supply chain and infrastructure capable of rapid product launches and worldwide distribution. The company also announced plans for another community funding round, following previous community rounds that raised $11.5 million in total. To support its AI ambitions, Nothing hired Sélim Benayat, a former Linktree executive, to lead AI services efforts.
Industry Perspective
Investors such as Highland Europe’s Tony Zappalà noted that Nothing has delivered on promises and possesses a recognized brand that aids talent acquisition and supply‑chain relationships. The challenge, according to Zappalà, lies in delivering AI features that users trust without needing to double‑check outputs—a hurdle shared by larger competitors like Apple.
Outlook
With the new funding, Nothing aims to expand its AI‑centric software ecosystem, potentially extending beyond smartphones. The company’s trajectory suggests continued growth in design‑differentiated hardware, deeper AI integration, and broader market penetration as it prepares to launch its next AI‑first device.