{"id":343153,"date":"2017-06-09T04:29:33","date_gmt":"2017-06-08T20:29:33","guid":{"rendered":"http:\/\/techcrunch.com\/?p=1501388"},"modified":"2017-06-09T04:29:33","modified_gmt":"2017-06-08T20:29:33","slug":"andy-rubins-essential-has-reportedly-raised-300-million","status":"publish","type":"post","link":"https:\/\/people.utm.my\/asmawisham\/andy-rubins-essential-has-reportedly-raised-300-million\/","title":{"rendered":"Andy Rubin\u2019s Essential has reportedly raised $300 million"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/05\/screen-shot-2017-05-30-at-9-48-44-pm.png?w=738\" class=\"\"\/><\/p>\n<p class=\"p1\"><span class=\"s1\">Hype hasn\u2019t been an issue for Andy Rubin\u2019s new hardware startup, <a target=\"_blank\" href=\"http:\/\/www.essential.com\" rel=\"noopener\">Essential<\/a>. Speculation has been circling the Android founder\u2019s next move since he unceremoniously parted ways with Google.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Funding, it seems, hasn\u2019t really been a problem, either. <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-06-07\/android-creator-s-phone-startup-raises-300-million?utm_content=tech&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_medium=social&amp;cmpid%3D=socialflow-twitter-tech\" rel=\"noopener\">Bloomberg is reporting<\/a> that the nascent smartphone maker has raised $300 million to bring its technology to the masses.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">A spokesperson for the company declined to offer TechCrunch a comment on the matter, though the report does seem to jibe with Rubin\u2019s\u00a0<a target=\"_blank\" href=\"https:\/\/techcrunch.com\/2017\/05\/30\/android-creator-andy-rubins-essential-phone\/\" rel=\"noopener\">recent appearance onstage at the Code conference<\/a> several days after the filing, where he told the crowd, \u201cWe\u2019ve raised a substantial hundreds of millions of dollars.\u201d Rubin then appeared to hold up three fingers, repeating with a smile, \u201cHundreds of millions of dollars that I can\u2019t talk about.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">If true, the Series B, filed last month, puts the company\u2019s value at a few hairs shy of a unicorn, at $993 million. That <a target=\"_blank\" href=\"https:\/\/equidateinc.com\/company\/essential\" rel=\"noopener\">number comes from Equidate<\/a>, a new firm that offers up valuations of private startups for investment firms. It tells TechCrunch that its own numbers were sourced from public filings.<\/span><\/p>\n<p id=\"speakable-summary\"><span class=\"embed-youtube\"><iframe loading=\"lazy\" class=\"youtube-player\" type=\"text\/html\" width=\"640\" height=\"390\" src=\"https:\/\/www.youtube.com\/embed\/HCjjnVNXDLI?version=3&amp;rel=1&amp;fs=1&amp;autohide=2&amp;showsearch=0&amp;showinfo=1&amp;iv_load_policy=1&amp;start=2624&amp;wmode=transparent\" allowfullscreen=\"true\">[embedded content]<\/iframe><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">This marks the second major round of funding for Essential, following a $30 million raise last year, led by Redpoint Ventures and Playground Global, Rubin\u2019s own investment firm, which also helped incubate the startup.\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Rubin had earlier reached out to SoftBank group as a potential source of outside funding. Its financing would have valued Essential at $1 billion, but the $100 million investment ultimately fell through, <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/softbank-drops-100-million-investment-in-iphone-rival-1490023608\" rel=\"noopener\">reportedly due<\/a> in part to the Japanese firm\u2019s investment with Apple.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The problem: Essential will be going head to head against the new iPhone with its own premium Android handset. And while Apple apparently didn\u2019t block the deal, SoftBank is said to have backed away due to the nature of the competition.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Essential\u2019s second product, a <a target=\"_blank\" href=\"https:\/\/techcrunch.com\/2017\/05\/30\/will-essential-home-be-more-than-another-dumb-smart-home-hub\/\" rel=\"noopener\">smart home hub<\/a>, will also be a direct competitor to Apple\u2019s newly announced <a target=\"_blank\" href=\"https:\/\/www.apple.com\/homepod\/\" rel=\"noopener\">HomePod<\/a> speaker.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">While it\u2019s clear that <a target=\"_blank\" href=\"https:\/\/www.essential.com\/about#investors\" rel=\"noopener\">investors<\/a> ranging from firms like Tencent to manufacturers like Foxconn have faith in Essential\u2019s future, the company\u2019s got a tough road ahead of it as it attempts to win over public interest in a pair of highly competitive spaces. Essential COO Niccolo de Masi acknowledged as much in <a target=\"_blank\" href=\"https:\/\/techcrunch.com\/2017\/05\/30\/essentials-road-to-mainstream-success-is-a-ten-year-play\/\" rel=\"noopener\">a recent TechCrunch interview<\/a>, outlining a 10-year plan filled with modest growth in sales and consumer loyalty and telling us, \u201cWe\u2019ll delay maximizing profitability until the company is more mature because we\u2019re building a brand here.\u201d<\/span><\/p>\n<p>Rubin\u2019s name was enough to build up the hype cycle ahead of the phone\u2019s launch. It remains to be seen how long that \u2014 and the funding will hold out.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"395\" src=\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/05\/screen-shot-2017-05-30-at-9-48-44-pm.png?w=680\" class=\"attachment-large size-large wp-post-image\" alt=\"\" srcset=\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/05\/screen-shot-2017-05-30-at-9-48-44-pm.png?w=680 680w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/05\/screen-shot-2017-05-30-at-9-48-44-pm.png?w=150 150w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/05\/screen-shot-2017-05-30-at-9-48-44-pm.png?w=300 300w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/05\/screen-shot-2017-05-30-at-9-48-44-pm.png?w=768 768w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/05\/screen-shot-2017-05-30-at-9-48-44-pm.png 1353w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/>&nbsp;Hype hasn&#8217;t been an issue for Andy Rubin&#8217;s new hardware startup, Essential. Speculation has been circling the Android founder&#8217;s next move since he unceremoniously parted ways with Google. Funding, it seems, hasn&#8217;t really been a problem, either. Bloomberg is reporting that the nascent smartphone maker has raised $300 million to bring its technology to the masses. <a href=\"https:\/\/techcrunch.com\/2017\/06\/08\/andy-rubins-essential-has-reportedly-raised-300-million\/?ncid=rss\">Read More<\/a><\/p>\n<div class=\"feedflare\">\n<a href=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?a=BdjEY0pZQ28:DoK1sBTtRWA:2mJPEYqXBVI\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?d=2mJPEYqXBVI\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?a=BdjEY0pZQ28:DoK1sBTtRWA:7Q72WNTAKBA\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?d=7Q72WNTAKBA\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?a=BdjEY0pZQ28:DoK1sBTtRWA:yIl2AUoC8zA\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?d=yIl2AUoC8zA\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?a=BdjEY0pZQ28:DoK1sBTtRWA:-BTjWOF_DHI\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?i=BdjEY0pZQ28:DoK1sBTtRWA:-BTjWOF_DHI\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?a=BdjEY0pZQ28:DoK1sBTtRWA:D7DqB2pKExk\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?i=BdjEY0pZQ28:DoK1sBTtRWA:D7DqB2pKExk\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?a=BdjEY0pZQ28:DoK1sBTtRWA:qj6IDK7rITs\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?d=qj6IDK7rITs\" border=\"0\"><\/img><\/a>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/Techcrunch\/~4\/BdjEY0pZQ28\" height=\"1\" width=\"1\" alt=\"\"\/> <\/p>\n","protected":false},"author":5817,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[25],"tags":[59,66,26],"class_list":["post-343153","post","type-post","status-publish","format-standard","hentry","category-technology","tag-media","tag-techcrunch","tag-technology"],"_links":{"self":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts\/343153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/users\/5817"}],"replies":[{"embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/comments?post=343153"}],"version-history":[{"count":0,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts\/343153\/revisions"}],"wp:attachment":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/media?parent=343153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/categories?post=343153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/tags?post=343153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}