Nothing raises $200M Series C from Tiger Global, AI device next

TL;DR:

• Nothing raised $200M at a $1.3B valuation.
  
• Lead investor is Tiger Global.
  
• New backers include Qualcomm Ventures and Nikhil Kamath.
  
• $1B+ lifetime sales, 150% growth in 2024.
• AI-first device planned for 2026 launch window.
  

The round

Nothing, the London hardware startup led by Carl Pei, closed a $200 million Series C at a $1.3 billion valuation. TechCrunch reports Tiger Global led the round, with participation from GV, Highland Europe, EQT, Latitude, I2BF, Tapestry, and new strategic investors including Qualcomm Ventures and Nikhil Kamath. 

The plan

Pei says the funding powers an AI-native platform that blends hardware and software into one system. Nothing’s community post calls this the “next phase,” with a first AI-first device slated for next year. The company believes smartphones will remain the main AI vessel for the next three to five years as it builds services into Nothing OS. 

Traction so far

Nothing crossed $1 billion in cumulative sales in early 2025, shipped millions of devices, and grew 150 percent in 2024, according to its community note. TechCrunch adds that global market share remains small, but India is a bright spot. 

Why investors bought in

Tiger Global said the team is reimagining hardware with an AI overlay to build “AI-native experiences.” The round also signals confidence in Nothing’s supply chain and ability to launch and ship devices worldwide within months. 

What to watch

• AI-first device: Timing and category. The company hints beyond phones.
  
• OS direction: Deeper AI in Nothing OS versus a new layer.
  
• Community round: A fresh retail investment tranche is planned.

Quick investor and milestone table

Corroborating coverage from TechNode aligns on amount, valuation, and AI-native roadmap. 

Why it matters

The raise keeps an independent phone brand in the race to ship practical AI on consumer hardware. Execution on battery life, latency, and privacy will decide if “AI-first” is more than a label.

Sources:

• TechCrunch, “Nothing closes $200M Series C led by Tiger Global, plans AI-first device launch,” https://techcrunch.com/2025/09/15/nothing-closes-200m-series-c-led-by-tiger-global-plans-ai-first-device-launch/ (15–16 Sep 2025)
  
• Nothing Community, “Nothing raises $200M Series C to power the next phase of consumer AI,” https://nothing.community/d/42158-nothing-raises-200m-series-c-to-power-the-next-phase-of-consumer-ai (16 Sep 2025)
  
• TechNode, “Nothing Raises $200M in Series C to Advance AI-Native Consumer Devices,” https://technode.com/2025/09/16/nothing-raises-200m-in-series-c-to-advance-ai-native-consumer-devices/ (16 Sep 2025)