The tech-startup valued over USD 1 billion without selling even a single device

Essential PH-1 is slated to compete against iPhone and Galaxy series from Samsung

Android’s founder Andy Rubin’s latest startup Essential has joined the coveted unicorn club of companies that are valued at more than USD 1 billion.

The current valuation of Essential, after the latest round of funding by Foxconn’s FIH Mobile, is approximately USD 1.2 billion, according to Tim Culpan, a Bloomberg columnist.

In a tweet tagging Andy Rubin, Culpan said: “Thanks to FIH Mobile's latest filing, I can tell you that @Arubin's Essential is now a unicorn, valued at appx $1.2bn.”

Thanks to FIH Mobile's latest filing, I can tell you that @Arubin's Essential is now a unicorn, valued at appx $1.2bn

— Tim Culpan (@tculpan) August 14, 2017

FIH Mobile invested USD 3 million for a 0.25 percent share in Essential. Earlier estimates have pegged the company’s worth at USD 993 million. Interestingly, the company is yet to ship a single device.

Essential PH-1: Features, Price and Specification

Two Essential devices are slated to be launched in the market— the phone named Essential PH-1 and a home assistant. However, the company has already missed a deadline to launch the phone.

The high-end Essential phone is priced at USD 699 and will compete against the likes of Apple's iPhone and the Galaxy range from Samsung.

The phone comes with two magnetic connectors which means that users will be able to attach and connect accessories such as a 360-degree camera at the back. The 360-degree camera will be sold separately.

The back of the phone will sport fingerprint sensor, camera, magnetic connectors and interestingly no company logo. Image: Essential Inc.

Among other features, the phone will carry a dual 13 MP camera at the rear and 8 MP camera at the front. Both cameras will support 4K HD recording at as high as 120 fps. A fingerprint sensor will also be at the back. Interestingly, the phone will not have any logo of the company anywhere.

The bezel-less device is encased in titanium with a ceramic back and is smaller and heavier than Samsung Galaxy S8, measuring 141.5 x 71.1 x 7.8 mm, 185g. Powered by Octa-core Qualcomm Snapdragon 835, it will have 4 GB RAM and 128 GB of internal memory. The phone will come with 3040 mAh battery with fast charge support via USB and wireless modes.

The phone will be available in four colours—Black Moon, Pure White, Stellar Grey and Ocean Depths.