Google’s VC arm backs $70m round of OnePlus co-founder’s firm

Nothing, a UK-based consumer tech firm established by OnePlus co-founder Carl Pei, has raised US$70 million in a series B round co-led by EQT Ventures and C Ventures, with participation from GV (formerly Google Ventures).

Nothing Ear (1), the company’s wireless earbuds / Photo credit: Nothing

Nothing aims to create an ecosystem of connected tech products. It started in August 2021 with wireless earbuds Ear (1), which generated orders for 400,000 units.

The company said it will use the funds to create product categories in partnership with chipmaker Qualcomm Technologies and its Snapdragon platform. Nothing also aims to bolster its operations at its new London Design Hub, which is led by Adam Bates, former head of design at innovative device firm Dyson.

Nothing said it it will make more announcements at its upcoming The Truth event on March 23.

Pei helped establish Nothing after leaving smartphone producer OnePlus in 2020. His new company is now working on a smartphone of its own, which is set to be unveiled in April.

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With the fresh capital, Nothing has US$144 million in total to date, according to a statement. This includes US$1.5 million from its first community investment round.

Other investors in the latest round include:

• Future Shape
• Gaorong Capital
• Animoca Brands