Nothing raises $200 million Series C at $1.3 billion valuation to build AI-native consumer tech

London-based consumer technology company Nothing has completed its $200 million Series C funding round today, September 16, bringing its valuation to $1.3 billion, according to the company’s official statement. The funding marks a significant shift for the company — from being the only independent smartphone brand to emerge in over a decade to becoming a platform for AI-native consumer technology, the company said.

Led by Tiger Global, the round saw participation from existing backers including GV, EQT Ventures, Highland Europe, and Latitude, as well as new strategic partners such as Qualcomm Ventures and Indian entrepreneur Nikhil Kamath.

In four years, Nothing has shipped millions of devices, surpassed $1 billion in total sales by early 2025, and projected a growth of 150 per cent in 2024, the company said in its official release. Its products, known for their minimalist design and community-first approach, have laid the foundation for a vertically integrated business capable of delivering innovation at speed and scale.

CEO Carl Pei explained that this next chapter is focused on integrating deeply personalised AI experiences into consumer hardware. “The smartphone will remain one of the most important devices in the AI ​​era” but “AI has made revolutionary progress over the last three years” compared to which “the smartphone experience has evolved very little,” he said.

“We see a future where operating systems are significantly different from the ones today. Each system will know its user deeply, and be hyper-personalised to each individual,” he added.

Nothing, said in its release that it aims to expand its AI-native ecosystem to the devices people are already using — smartphones, wearables, and audio products — and has plans to enter emerging categories like smartglasses and personal AI companions. This latest funding round will accelerate the development of these devices and the operating systems that power them.