Carl Pei-led Nothing Technology has announced that the company has concluded its latest Series C funding round of $200 million at a $1.3 billion valuation.

“This milestone marks the start of our next phase: From being the only independent smartphone company to emerge in the last decade, towards building an AI-native platform in which hardware and software converge into a single intelligent system,” the company said in a statement.

The round was led by Tiger Global, with backing from the company’s existing shareholders including GV, Highland Europe, EQT, Latitude, I2BF and Tapestry, alongside new strategic backing from Nikhil Kamath and Qualcomm Ventures, the company added. This is the largest series C round any Internet-first consumer electronics company in India has raised funds for.

The company aims to position itself now as a consumer AI company manufacturing new AI-native devices, with the latest investments. In four years, the company has seen massive growth, capturing over 1% market share in India, crossing $1 billion in total sales, while growing 150% in 2024.

“Today, we’re in a position that will be very hard to copy: The ability to launch any consumer hardware product from start to finish within months, go-to market operations that can ship and service worldwide, a global user community that co-creates with us, all without the innovator’s dilemma or bureaucratic constraints that the incumbents face,” the company claims.

The company aims to reform its smartphones’ operating systems while embedding AI into them, moving beyond what it calls an ‘underwhelming’ level of innovation, limited to incremental improvements in photo editing, translations, and assistant features that do not work properly.

Future operating systems, that the company intends to develop, are expected to be ‘deeply personalised,’ adapting to each user’s context and needs. They will surface relevant suggestions, execute tasks once intent is confirmed, and handle non-essential work so users can focus on priorities.

The company claims to build unique systems for each user, instead of a single model. The OS will work across devices, starting with phones, audio products, and watches, and later extending to glasses, robots, EVs, and other new platforms.

For now, the company will only focus on shipping its smartphones at a billion-unit scale annually, the company said. However, the company hinted at an additional device in making that will be like a personal assistant for the user, possibly an audio wearable.

The company is opening its next Community round, offering supporters another chance to invest and take part in Nothing’s growth.