OnePlus cofounder Carl Pei's consumer technology startup Nothing has raised an additional $50 million as part of its Series A funding round from a clutch of strategic and private investors.
Swedish House Mafia members Axel Christofer Hedfors and Sebastian Ingrosso are among the investors participating in the financing round.
The funds raised will be used in research and development as the company looks to enter new product categories as part of its ecosystem.
Nothing had launched its first product - a pair of wireless earphones called Ear (1) - in August. The firm said it has shipped over 100,000 units of the earphones in the past two months. The London-headquartered company partnered with Walmart-owned e-commerce marketplace Flipkart for its India foray in June.
Prior to this round, Nothing had raised a total of $22 million from Alphabet's venture capital arm GV and a clutch of angel investors, including Cred founder Kunal Shah, iPod inventor Tony Fadell, Twitch co-founder Kevin Lin, Reddit CEO Steve Huffman, PCH founder and CEO Liam Casey, renowned YouTuber Casey Neistat, Product Hunt CEO Josh Buckley, and Web Summit founder Paddy Cosgrave.
It had also secured about $1.5 million through a community funding round from the public earlier this year.
India is one of the few markets where Nothing has local operations, having appointed former Samsung executive Manu Sharma as vice-president and general manager of its local unit in February.
In addition to this fundraising, Nothing said it is collaborating with Qualcomm Technologies and its Snapdragon platform to power the company's future technology products.
“The successful launch of our first product, Ear (1), proved that there is room for a new challenger brand to emerge and disrupt today’s sea of sameness. Users deserve better products that are simpler to use, accessible, yet look amazing,” said Carl Pei, CEO and Co-founder of Nothing.
“Seamless connectivity is paramount to achieving our vision of a future without barriers between people and technology. We look forward to working alongside Qualcomm Technologies and our strategic investors to achieve Nothing's next phase of growth.”
Nothing plans to build a suite of smart, connected consumer technology products in the future and had roped in Swedish consumer electronics firm Teenage Engineering as a founding partner of the company in February. Teenage Engineering is famous for developing a range of audio products that have a strong emphasis on design.
“We are excited to help Nothing bring to life its highly anticipated ecosystem of tech products,” said Enrico Salvatori, senior vice-president and president, Qualcomm Europe/MEA, Qualcomm Europe, Inc. “By combining the power and efficiency of Snapdragon mobile platforms with 5G connectivity across many categories of devices, we are fostering the development of innovative products that are intended to benefit consumers and deliver richer, more immersive experiences.”