Nothing raises $200M Series C to fund AI-driven hardware platform

The funding round was led by Tiger Global and included participation from existing investors GV, Highland Europe, EQT, Latitude, I2BF, and Tapestry, along with new strategic backing from Nikhil Kamath and Qualcomm Ventures.

The capital injection is intended to support Nothing’s next phase of growth: "building an AI-native platform in which hardware and software converge into a single intelligent system". The CEO said it plans to expand beyond its smartphone business, aiming to deliver devices and operating systems that provide hyper-personalised AI experiences.

“From the start, the foundation had to be an end-to-end value chain capable of delivering products at speed, scale, and quality,” said Carl Pei, Nothing’s CEO. “As we’ve seen from many others that have tried, building a hardware company is hard. There are many potential failure points and almost no room for error. For us, it required assembling a team that balanced a pragmatic approach of rapidly launching products, with an innovative mindset to deliver experiences that our community would immediately love.”

Nothing has shipped millions of devices since its launch and said it surpassed USD 1 billion in total sales in early 2025, following 150% revenue growth in 2024.

Looking ahead, the company envisions operating systems that adapt to individual users and deliver personalised suggestions and actions, extending across smartphones, audio products, smartwatches, and eventually smart glasses, humanoid robots, and electric vehicles. Pei emphasised the importance of smartphones as a starting point, citing their scale and ability to gather contextual user information.

Nothing also indicated it is preparing a new community funding round to give supporters an opportunity to invest directly in the company’s growth.