Android Creator, Andy Rubin's Essential Phone startup raises $300 million

Andy Rubin, the founder of the widely popular Android operating system, just revealed his new line of products- a smartphone and an intelligent home speaker.

First reported by Bloomberg, who sources data from Equidate, that the company has acquired $300 million as a part of its Series B funding. Equidate, who keeps the track of private company stock, has suggested that Essential’s valuation comes around $993 million.

There is no information on the investors who’ve participated in the funding process, but it’s important to note that the capital investment happened before Essentials official unveiling on stage at the Code Conference. The paperwork for the investment was filled in late May, a few days before the release of Essential PH-1 smartphone and Essential Home speaker.

Prior to this funding round, Essential secured a $30 million capital to kickstart their hardware preparations. It witnessed participation from Rubin’s own hardware accelerator- Playground Global, Redpoint Ventures.

In addition to the Essential smartphone and home speaker, Rubin is also determined to build a next-gen augmented reality smart glasses. With the Series B funding in place, Rubin is clearly interested in looking to play an integral role in next step for consumer technology.