Essential receives $300 million funding

Android co-founder's smartphone venture Essential turns into a billion dollar enterprise with the second round funding of $300 million.

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Andy Rubin's start-up Essential has rounded up a funding of $300 million which has raised the company's stake to a few millions shy of a billion dollars. Essential will invest the fund in delivering its latest smartphone Essential PH-1 to markets across the globe.

Essential receives $300 million funding

Essential came to existence after a funding of $30 million was invested by Rubin's very own investment firms Playground Global and Redpoint Ventures.

Android's co-founder Andy Rubin introduced Essential PH-1 at the Code Conference last month and gave hints of funding of "hundreds of millions of dollars."

This sums the second round of funding for Essential. Rubin also contacted SoftBank Group to include the start up in its $100 billion technology fund. The deal fell apart when a conflict arose regarding the partial ownership of Essential.

Essential will launch its second product, Smart Home Hub,
soon which will directly compete against Apple's HomePod.

Essential PH-1, which was showcased by Rubin recently at the Code conference, has some stunning features which includes a 360 degree camera support.

Rubin announced that the Essential PH-1 is future proof as it has wireless connections for various mods which will be launched with the phone. He also made it abundantly clear that the smartphone accessories will not be too expensive.

Essential PH-1 is going to be one hell of a phone to look up to. Consumers who are looking for something new will certainly go for it. Now that Rubin also has the funds along with the hypes, rolling out the product will be far easier.

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