On Wednesday, nothing announced the completion of additional Series A funding of $ 50 million (approximately Rs 376.20 crore) from strategic and private investors, including Swedish DJ duo Axel, Christopher Headfors and Sebastian Ingrosso. The London-based company, led by OnePlus co-founder Carl Pei, has also announced a partnership with Qualcomm Technologies to use its Snapdragon platform to power future tech devices. Nothing kicked off the journey with the introduction earlier this year of the Ear 1 True Wireless Stereo System (TWS).
The funding will be used for research and development (R&D) in preparation for Nothing’s entry into new product categories, the company said in a statement.
So far, nothing has revealed details about his next proposal. However, the company has suggested that it will expand its product line by adding new connected devices as part of its partnership with Qualcomm.
“Seamless connectivity is paramount to realizing our vision for a future without barriers between people and technology,” said Carl Pei, CEO and co-founder of Nothing. “We look forward to working with Qualcomm Technologies and our strategic investors to achieve the next phase of Nothing’s growth.”
Qualcomm has a number of Snapdragon chipsets that Nothing will not be able to use to provide wireless connectivity on its future devices. However, it is unclear whether the fledgling company is ready to directly enter the fast-growing smartphone market or whether it plans to implement some Internet of Things (IoT) devices at an early stage.
“We are delighted to help Nothing bring the long-awaited ecosystem of technology products to life,” said Enrico Salvatori, senior vice president and president of Qualcomm Europe / MEA. “By combining the power and efficiency of Snapdragon mobile platforms with 5G connectivity across many different device categories, we are helping to develop innovative products that are designed to benefit consumers and deliver richer and more immersive experiences.”
Karl Pei left OnePlus last year to start Nothing as his new venture. In July, the company introduced the Nothing Ear 1 as its first device. The earbuds have an attractive transparent design and offer features such as active noise cancellation and cross-platform support.
In the two months since the start of sales, the Nothing Ear 1 has surpassed worldwide shipments of 100,000 units. They also got a price cut during the recent Flipkart Big Billion Days Sale.