With Phone (1), Nothing hopes to succeed where Essential failed

Enlarge / An image of Phone (1), the first smartphone from Nothing, which will be unveiled on July 12. (credit: Nothing)

A consumer-electronics startup called Nothing has secured financing of more than $200 million to launch its debut smartphone, in the first attempt for several years by a newcomer to crack a market dominated by Apple and Samsung.

Nothing will unveil the design of its first smartphone, called Phone (1) on Wednesday before it goes on general sale this summer. The device has a transparent back, revealing electronics components such as a wireless charging coil that are normally hidden, and runs on the Android operating system.

The company's backers include Alphabet's venture capital arm, EQT Ventures and former Apple designer Tony Fadell. They are betting that Carl Pei, Nothing's chief executive, who previously co-founded Chinese smartphone brand OnePlus, can succeed where even Andy Rubin, the co-founder of the Android mobile operating system, failed.

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