Nothing announces USD $200M in its Series C round at a USD $1.3B valuation. This milestone marks the start of its next phase: from being the only independent smartphone company to emerge in the last decade, towards building an AI-native platform where hardware and software converge into a single intelligent system.
When Nothing started, the thesis was that if the company could build a smartphone business at scale and own the last-mile distribution point in consumer tech, it would be well-positioned for the next technology shift. Although the shape of that opportunity was unclear at the time, it is now visible.
From the beginning, the focus was on creating an end-to-end value chain capable of delivering products at speed, scale, and quality. Building a hardware company has proven difficult for many others, with multiple potential failure points and limited room for error. For Nothing, it required building a team that balanced pragmatism in rapidly launching products with innovation to deliver experiences embraced by its community.
Today, the foundations are in place, from award-winning design to a global manufacturing and supply chain network built for quality and cost. In four years, Nothing has shipped millions of devices, crossed $1B+ in total sales in early 2025, and recorded 150% growth in 2024.
Building this infrastructure has been one of the hardest and most valuable achievements. With community support, Nothing is now positioned with the ability to launch consumer hardware products from start to finish within months, operate global go-to-market systems, and engage a worldwide user community that co-creates with the brand, without facing the innovator’s dilemma or bureaucratic hurdles of incumbents.
Over the past 18 years, the smartphone has become ubiquitous as the primary personal computing tool, managing daily life and serving as the most powerful consumer device due to its access to contextual information and user knowledge.
At the same time, while AI has advanced significantly in the past three years, the smartphone experience has seen only incremental improvements in features like photo editing, translations, and assistants.
For AI to achieve its potential, consumer hardware must evolve. Nothing envisions a future where operating systems are hyper-personalised, context-aware, and adaptive. These systems will surface suggestions naturally and execute actions once intent is confirmed, allowing individuals to focus on what matters most. Unlike one-size-fits-all models, each user will experience a unique system.
This operating system will extend across multiple form factors, beginning with smartphones, audio products, and smartwatches, and eventually expanding into smart glasses, humanoid robots, EVs, and beyond. Owning the last-mile distribution point, with its contextual and user knowledge, is central to building an AI OS that integrates into daily life.
In the near term, smartphones are expected to remain the only device shipped at billion-unit scale annually. However, new AI-native devices will emerge that provide contextual support at the moment of need, pairing intelligence with availability.
Nothing has been developing concepts for such devices and plans to launch its first AI-native products next year (2026).
This Series C funding will accelerate innovation and scale distribution. The round was led by Tiger Global, with participation from existing shareholders GV, Highland Europe, EQT, Latitude, I2BF, and Tapestry, along with new strategic backing from Nikhil Kamath and Qualcomm Ventures.
Nothing is also preparing to launch its next Community round, giving supporters another opportunity to participate in the company’s journey.
Carl, CEO and Co-founder, Nothing said, “As we continue our journey, we do so with huge gratitude to our community, our team, and our partners. This next chapter is only possible because of you.”
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