Nothing raises $200 million Series C

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Swedish-Chinese entrepreneur Carl Pei’s company Nothing has raised $200 million in a Series C round, valuing the firm at $1.3 billion. Nothing initially focused on smartphones and has shipped millions of devices, reporting more than $1 billion in cumulative sales. The round was led by Tiger Global and included new strategic investors Qualcomm Ventures and Nikhil Kamath, alongside existing backers GV, EQT, Highland Europe, Latitude, and Tapestry. According to Pei, the funding will support the development of new hardware products and software initiatives aimed at integrating artificial intelligence into consumer devices.

Founded just four years ago, Nothing quickly became the only new smartphone brand to emerge in the last decade. Under Pei’s leadership, the company has shipped millions of devices, surpassed $1 billion in total sales, and posted 150% growth in 2024, all while building an end-to-end value chain for hardware production and global distribution.

Now, Pei says the company is entering a “next chapter,” focused on creating personalized, context-aware operating systems that adapt to individual users. “A billion different operating systems for a billion different people,” Pei explains, envisioning a future where smartphones, wearables, and other AI-native devices seamlessly understand and assist their owners.

Owning the “last-mile” distribution point, Pei argues, gives Nothing a unique advantage: the company can integrate user knowledge directly into its AI systems, enabling a level of personalization most incumbents cannot match. Alongside the OS ambitions, Nothing plans to launch its first AI-native devices next year.

The Series C round was led by Tiger Global, with new participation from Nikhil Kamath and Qualcomm Ventures, alongside continued support from GV, EQT, Highland Europe, Latitude, Tapestry, and other existing investors. Pei also hinted at an upcoming Community round, offering the company’s supporters another chance to invest.

As Nothing moves beyond smartphones into a broader ecosystem of AI-driven devices, Carl Pei’s vision positions the company as a Nordic-based contender in the global AI consumer technology race, blending hardware design, software intelligence, and community-driven innovation.

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