The smartphone company established by a co-inventor of the Android operating system for mobile, Essential Products, has lifted almost $300 Million in new round of funding and signed up vendors to trade its first handset, it claimed this week.
The $699 handset, with a ceramic and titanium case, will fight directly in opposition to new handsets from Apple Inc. and Samsung Electronics this season of holidays. Vendors comprise Telus Corp. in Canada and Amazon.com, Best Buy, and Sprint Corp. in the U.S., Essential claimed at the conference in a statement to the media.
The firm, established in late 2015 by Chief Executive Andy Rubin, claimed that Access Technology Ventures guided the round of funding, which brought its entire investment lifted to $330 Million. Strategic sponsors also comprised Foxconn, electronics contract manufacturer; Tencent Holdings Ltd.; and Amazon.com, which took part through its Alexa Fund. Former investors Playground Global and Redpoint Ventures also took part.
A due date for phone by Essential will be declared in next week, President Niccolo De Masi claimed to the media in an interview. The distribution and timing of the new phone might be serious during a year with most of the new roll outs. The Essential handset will only be showed in Best Buy and Sprint retail stores in the U.S, compared with the huge distribution network of the leaders in the market. In September, Samsung is anticipated to reveal its Galaxy Note 8, and Apple is likely to roll out iPhone—the extremely expected 10th anniversary phone of the company.
Some of the features of the Essential phone, such as a removable 360-Degree camera, are also obtainable on Samsung models, which are heavier. “It is going to be extremely tough,” Technalysis’ Bob O’Donnell claimed to the media. “The original specs of the handset seem good, but not essentially unique.” “Best Buy, Amazon, and Essential will trade unlocked variants of the handset that can be utilized on any network. But carrier discounts might give confidence to the buyers,” Constellation’s R Ray Wang claimed in his statement. He claimed that he anticipated Sprint to charge $300 with a 2-year contract.