Nothing has raised $200 million in a Series C funding round, bringing its valuation to $1.3 billion. The London-based smartphone maker stated that the new funding will support its transition from a smartphone-focused brand to a company building an AI-native platform where hardware and software work together as a single system. According to a company statement, the funding will be used to accelerate Nothing’s innovation roadmap and expand its distribution. The round was led by Tiger Global, with participation from existing shareholders GV, Highland Europe, EQT, and others. New strategic backers include Nikhil Kamath and Qualcomm Ventures.

What Nothing CEO Carl Pei said about the funding round

Nothing’s CEO and co-founder, Carl Pei, stated that the company’s long-term strategy is based on the idea that the smartphone, which has become the primary personal computing tool, will remain a central device in the AI era. However, he noted that the smartphone experience itself has seen little evolution in the last three years despite the rapid advancements in AI.The company’s goal is to create a new type of operating system that is highly personalised for each user. This system would be able to adapt to different contexts and needs, with AI agents executing tasks on behalf of the user. This AI-powered OS would not be limited to smartphones but would eventually extend to other devices such as smartwatches, smart glasses, and even humanoid robots, Pei added.The company believes its ability to control its manufacturing and supply chain gives it a unique position to develop this new platform. Nothing says it has shipped millions of devices and crossed $1 billion in total sales in 2025.Nothing also believes that while the smartphone will continue to be a high-volume product in the near term, a new class of “AI-native devices” will emerge. These devices will be designed to capture context from various sources and generate interfaces on demand, thereby providing a smoother user experience.Nothing plans to launch some of its first AI-native devices next year. The company is also preparing for its next community funding round, which will allow supporters to invest.