London-based consumer tech company Nothing is marking what CEO Carl Pei calls a defining week in its short but fast-moving history. The company has combined a major funding milestone with new product announcements and a bold roadmap for AI-native hardware and operating systems.

$200M Series C at $1.3B Valuation

Nothing confirmed it has raised $200 million in a Series C round, securing a valuation of $1.3 billion. The round brings in new backers Tiger Global, Nikhil Kamath, and Qualcomm Ventures, while existing investors including GV, EQT, Highland Europe, Latitude, Tapestry, and I2BF renewed their support.

Pei positioned the financing as fuel for a next chapter:

“This marks the start of our next chapter: from building the only new smartphone company of the last decade, to creating an AI-native platform where hardware and software converge into a single intelligent system.”

Independent reporting confirms the fundraising figures and valuation, adding that the company has now shipped millions of devices and surpassed $1 billion in cumulative sales, with 150% growth in 2024.

The AI-Native Vision

Pei’s latest statement is more than a funding update, it outlines a philosophical shift. The company intends to move beyond traditional hardware into AI-native platforms:

• Personalised operating systems: Pei envisions “a billion different operating systems for a billion different people,” describing future OS builds as personalised, contextual, and proactive.
• Owning the distribution point: He argued that smartphones are the critical last-mile interface for AI, giving Nothing a unique advantage.
• AI-native devices: Some of Nothing’s first products designed from the ground up with AI integration are expected to launch next year.

Foundations Built, Future in Motion

Pei reflected on Nothing’s first four years as about laying foundations: building an end-to-end value chain capable of speed, scale, and quality. With that groundwork established, the company is pivoting to reinvent hardware alongside AI.

This dovetails with Nothing’s product pipeline, which this week included the unveiling of:

• Nothing OS 4.0 teased as coming soon, though details remain scarce.
• Ear (3) the latest generation of its flagship TWS earbuds, praised in early feedback for sharper sound, a breakthrough “Super Mic,” and a refreshed design that fuses metal with Nothing’s signature transparent aesthetic.

Nothing has carved out a reputation as the only significant new smartphone entrant of the last decade, but the company is no longer content with that badge. With strong sales traction, a cult following, and fresh capital, it is positioning itself as an AI-era challenger to incumbents.

The near-term milestones to watch will be:

• The rollout of Nothing OS 4.0.
• Reception to Ear (3) in the market.
• Delivery of AI-native hardware in 2026.

With $200 million in fresh capital, a $1.3 billion valuation, and a clear pivot to AI-native systems, Nothing is attempting to scale from an alternative smartphone brand into a broader technology platform.

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