London-based consumer electronics company Nothing has raised $200 million in a Series C funding round, valuing the four-year-old startup at $1.3 billion. Founded in 2020 by Carl Pei and Akis Evangelidis, the firm has shipped millions of devices and passed $1 billion in cumulative sales at the start of 2025, after posting 150 per cent sales growth last year.
The round was led by Tiger Global with backing from GV, Highland Europe, EQT, Latitude, I2BF and Tapestry. New investors included Indian entrepreneur Nikhil Kamath and Qualcomm Ventures, signalling strong support for Nothing’s push to build AI-native consumer hardware.
Pei, the company’s CEO, has set out a vision of devices where AI is the defining feature rather than an add-on, powering operating systems that adapt uniquely to each user. He described this as creating “a billion personalised experiences.” The first AI-native products are slated for 2026, spanning smartphones, audio gear and smartwatches, with later expansion into smart glasses, robotics and electric vehicles.
Nothing has carved out a niche among younger, design-conscious consumers with its transparent hardware aesthetic and Glyph Interface, though it remains outside the top 10 global smartphone makers in a market that ships over 1.2 billion units annually. Its products are designed in London and manufactured mainly in China and India.
India is also becoming a strategic base for the company. Nothing will open its first flagship store there in 2025 and has moved global marketing operations and its CMF sub-brand headquarters to the country.
The new funding will accelerate innovation and expansion, alongside a forthcoming Community round enabling enthusiasts to invest directly. Nothing’s AI-native strategy reflects wider industry trends towards hyper-personalisation and deeper hardware-software integration.
As the UK positions itself as a leader in responsible AI, Nothing exemplifies how British startups can combine local design talent with global partnerships and manufacturing to pioneer new consumer technologies. Challenges remain in breaking into a saturated smartphone market, but the firm’s growth highlights strong momentum for AI-driven hardware.
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