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Amazon joins major Asian backers of Android creator’s new phone

August 10, 2017 4:47 AM
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Amazon joins major Asian backers of Android creator’s new phone

Rubin’s Essential is looking to break into the increasingly competitive field of consumer electronics. — AFP picBEIJING, Aug 10 — Amazon.com Inc has joined Tencent Holdings Ltd and the main assembler of iPhones in backing Essential Products Inc, the startup co-founded by Android-creator Andy Rubin that’s getting ready to sell a new smartphone.

China’s largest social media company and Foxconn Technology Group took part in a US$300 million (RM1.29 billion) funding round for Essential alongside Amazon’s Alexa Fund and Access Technology Ventures, the VC firm said in a statement. Other backers included Redpoint Ventures, Altimeter Capital and Vy Capital. Access said it contributed about US$100 million to the pot.

Rubin’s Essential is looking to break into the increasingly competitive field of consumer electronics. The startup, which emerged from an incubator he formed after leaving Google in 2014, is said to be valued at US$900 million to US$1 billion and represents his return to a market now crowded with a raft of Chinese players going after leaders Apple Inc and Samsung Electronics Co.

Its first two products will be a high-end smartphone and an Amazon Echo-like gadget for the home.

Also read: Essential's startup advantage might come back to haunt it

Source: themalaymailonline.com

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