Nothing Raises US$200 Million Series C to Power an AI-First Future

Smartphone startup Nothing has closed a US$200 million Series C round, led by Tiger Global, bringing its valuation to US$1.3 billion. Other investors in the round included returning investors GV, Highland Europe, EQT, Latitude, I2BF and Tapestry.

Founded by Carl Pei, the former co-founder of OnePlus, Nothing has been building both brand identity and hardware design from the ground up. The company has sold more than 5.1 million devices to date, including smartphones and earbuds, with over 1 million units shipped in Q2 of 2025 alone. While its global market share remains below 1%, the company has achieved meaningful traction in India, where it now controls roughly 2% of the market.

What sets Nothing apart is its ambition to move beyond hardware. The startup plans to launch its first “AI-first” device next year, investing heavily in building an operating system where AI is not just an add-on, but the core interface itself. Nothing has already introduced “Essential Search,” a smart tool that helps users find content across devices.

With this latest round of funding, Nothing has the resources to attempt something new and ambitious – redesigning hardware experiences around AI. The industry is watching closely to see whether the company can turn its vision into reality, and whether users are ready to embrace devices that don’t just run apps but anticipate needs.

Author: Tyler Wang, 2025/2026 Articling Student-at-Law