Nothing, the London-based consumer tech company founded by Carl Pei, has secured $200 million in Series C funding, valuing the company at $1.3 billion. This latest funding round was 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 like Qualcomm Ventures and Nikhil Kamath. The company plans to use this capital to expand beyond its current smartphone business and develop an AI-native platform that integrates hardware and software into a single, intelligent system.
Carl Pei, Nothing's CEO and co-founder, envisions a future where devices and operating systems are hyper-personalized and adapt to individual users, providing tailored suggestions and actions. Nothing is aiming to launch its first AI-native device in 2026. While the specific nature of this device remains unclear, the company intends to create a new class of AI-native devices that capture user context across various modalities and generate interfaces on demand.
Nothing's ambition extends beyond smartphones, with plans to integrate its AI-driven operating system across various form factors, including audio products, smartwatches, smart glasses, humanoid robots, and electric vehicles. Pei believes that smartphones are just the starting point due to their scale and ability to gather contextual user information.
The company has already achieved significant milestones, shipping millions of devices and surpassing $1 billion in total sales earlier in 2025. Nothing has experienced substantial growth, with a 150% revenue increase in 2024, demonstrating strong demand for its products. The company's focus on design and community building has allowed it to establish a unique identity in a competitive market.
Nothing is also planning a new community funding round, providing an opportunity for its supporters to invest directly in the company's growth. This approach aligns with Nothing's community-centric philosophy and its aim to involve users in the development process.
The development of successful AI hardware presents challenges, as demonstrated by the experiences of companies like Humane and Rabbit. However, Nothing believes its end-to-end value chain and ability to rapidly launch products at scale will be crucial to its success in the AI-native device market. Nothing aims to differentiate itself by creating genuinely useful and non-gimmicky AI experiences.
