On Tuesday, Carl Pei announced that his newly formed consumer technology company Nothing has raised $15 Million from GV(Formerly known as Google Ventures). GV is an investment wing of Alphabet, the parent company of Google. Carl launched Nothing in the last week of January 2020.
Funding Details and the Investment Plans of Nothing
Nothing plans to invest these funds in three major areas. First, The company wants to expand its operations in Europe. Second, Nothing has plans to invest major chunks of funds in the Research and Development of smart devices. Third, the company wants to hire good designers and innovators to start its operations on a positive note.
“We are grateful to have a venture capital firm of this caliber help in building Nothing together with us. We plan to aggressively grow the company, in particular, our R&D and design capabilities, to realize our mission of removing barriers between people and technology,” said Pei, CEO, and co-founder of Nothing.
In December, when Carl Pei shared the idea of a new startup with his friends and family members, he raised $7 million from them. It was the seed funding round of Nothing.
iPod founder Tony Fadell and other big industry names like Youtuber Casey Neistat, Twitch cofounder Kevin Lin, and Reddit CEO Steve Huffman supported him in that close group funding round. Pei also raised an undisclosed amount of funding from Cred Founder Kunal Shah.
“Carl Pei is a seasoned entrepreneur with marketing, hardware, and distribution experience that is key to bringing new devices to market. His vision for smart devices is compelling, and we have high confidence that with Pei’s global mindset, the Nothing team will have a meaningful impact on the market for consumer technology,” said Tom Hulme, General Partner at GV.
When Nothing is Launching Its First Product?
London based New Venture Nothing has brought lots of excitement among smart electronic devices users and retailers. Everyone is curious to know when Nothing will bring its first product to the market. People also want to know about the type of first product.
Pei said that the company has a plan to manufacture smart devices that can connect with each other. Carl further revealed that the company wants to start the journey with the simpler product, Wireless Earbud. We will be having multiple products launch this year. Bloomberg shared this exclusive news on its website.
Nothing will be having tough competition with established consumer products companies like Apple, Samsung, Sony, and Xiaomi. Since One Plus released wireless earbuds last year, so Pei will also be having his cofounded company One Plus as its competitor.
After working in One Plus for nearly 7 years, Pei left One Plus in October 2020 to start a new venture. Some media portals published news of a rift between Pei and another cofounder of One Plus. Pei denied those reports and further said that it was his independent decision without any misunderstanding with his colleague and co-founder of One plus. He also said that he is still in touch with Pete Lau, the CEO, and co-founder of flagship killer One Plus smartphones.