Nothing raises $200M Series C to power the next phase of consumer AI

Nothing has announced new funding––USD $200M in the Series C round at a USD $1.3B valuation. This milestone marks the start of the company's next phase: From being the only independent smartphone company to emerge in the last decade, it is heading towards building an AI-native platform in which hardware and software converge into a single intelligent system.

Nothing said in a statement by Carl Pei, CEO and co-founder, "we had a thesis that if we could build a smartphone business at scale and own the last-mile distribution point in consumer tech, we would be well-positioned for the next technology shift. Although we didn’t know what that would look like at the time, the opportunity is now crystal clear. As we’ve seen from many others that have tried, building a hardware company is hard. There are many potential failure points and almost no room for error. For us, it required assembling a team that balanced a pragmatic approach of rapidly launching products, with an innovative mindset to deliver experiences that our community would immediately love."

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From award-winning design, to global manufacturing and supply chain network built for quality and cos - in four years, Nothing shipped millions of devices, began 2025 crossing $1B+ in total sales, while growing 150% in 2024.

In the last 18 years, the smartphone became ubiquitous. Beyond its distribution scale, what makes the smartphone the most powerful consumer device in the market is its unmatched access to contextual information and user knowledge. For this reason, Nothing calls it 'one of the most important devices in the AI era.'

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On the other hand, while AI has made revolutionary progress in the last three years, the smartphone experience has barely evolved. Most of the innovation has been underwhelming, limited to incremental improvements in photo editing, translations, and assistant features that barely work.

Nothing claims that each of their system will know its user deeply, and be hyper-personalised to each individual. Interfaces will adapt to our context and needs. The system will handle the non-essentials, allowing to focus on what truly matters, which will be different for every person. Unlike today’s one-size-fits-all solution, a billion different operating systems will be rendered for a billion different people.

Over time, this OS will be transversal across all form factors, starting with smartphones, audio products and smart watches, devices that people already use every day. In the future, our OS will carry into smart glasses, humanoid robots, EVs, and whatever comes next.

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