Essential Products Raises $300m in Funding

Alain Brian
Août 11, 2017 Inc has joined Tencent Holdings Ltd and the main assembler of iPhones in backing Essential Products Inc, the start-up co-founded by Android-creator Andy Rubin that's getting ready to sell a new smartphone.

The recent funding round resulted in an infusion of Dollars 300 million in the technology startup which involved major global tech players says a report from Bloomberg.

Access Technology Ventures, the venture capital and growth technology investment arm of privately held industrial group Access Industries, is leading the round with a $100m investment, with participation from Redpoint Ventures, Tencent Holdings Ltd., Altimeter Capital, Vy Capital and Amazon Inc.'s Alexa Fund. Access will also join the company's board of directors. Access Technology Ventures reportedly has contributed Dollars 100 million to the total funding.

Rubin's Essential is looking to break into the increasingly competitive field of consumer electronics.

"We are in full mass production, ramping up to deliver your Essential Phone", Rubin, who ran Google's Android unit for almost a decade, said in a tweet.

Essential's upcoming handset is being placed as a rival to Apple's iPhone and Samsung's Galaxy range who presently dominate a large part of the smartphone market.

The PH-1 phone is going to be launched with a Qualcomm processor, a USB C port and a unique magnetic connector on the back to link it to external accessories such as the camera and a wireless charging hub. Without the attachment, the phone has an eight-megapixel camera on the front and a 13-megapixel sensor on the rear, according to Essential's website.

Presently, Essential is valued at United States dollars 900 million to 1 billion.

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