Access Technology Ventures, Redpoint Ventures, Tencent Holdings Ltd., Altimeter Capital, Vy Capital and Amazon Inc.’s Alexa Fund have invested $300 million into Essential Products Inc., the smartphone maker founded by Andy Rubin, the creator of Android.
Access led the round with $100m and will join the company’s board of directors. Access’s portfolio includes leading technology companies including Amazon, Alibaba, Facebook, Snapchat, Spotify, Square, Rocket Internet, Zalando, Digital Ocean, Opendoor, and Yelp.
“We are thrilled to work with Andy, one of the preeminent mobile entrepreneurs in the world. His experience, industry knowledge and proven ability to innovate, will help Essential as it develops a complete hardware-software ecosystem that puts users first,” said Pueo Keffer, Managing Director, Access Technology Ventures. “There is consistent demand in the mobile industry for new and enhanced technology which Essential is uniquely positioned to attract.” The investment is consistent with Access’s mandate to invest in and help build foundational companies that touch millions of customers across the consumer and enterprise technology ecosystems.
Today’s investment brings Essential’s total capital raised to $330 million as the creator claims the Essential PH-1 smartphone is set for mass production of the Essential PH-1 which was unveiled in May and could hit the market soon. The investment from Amazon will help in the distribution of the PH-1 Essential smartphone, a $700 phone with a titanium body and a Ceramic back. The Phone comes with a Corning Gorilla Glass 5 cover glass and is 141.5mm high, 71.1mm wide and 7.8mm thick and weighs 185 grams.
— Andy Rubin (@Arubin) August 9, 2017