Tencent, Foxconn Back Android Creator’s Smartphone Startup in USD300 Million Financing Round

Tencent, Foxconn Back Android Creator’s Smartphone Startup in USD300 Million Financing Round

Qian Tongxin

Date: Fri, 08/11/2017 - 18:05 / source:Yicai
Tencent, Foxconn Back Android Creator’s Smartphone Startup in USD300 Million Financing Round
Tencent, Foxconn Back Android Creator’s Smartphone Startup in USD300 Million Financing Round

(Yicai Global) Aug. 11 -- Essential Products Inc., the mobile phone firm founded by Android operating system creator Andy Rubin, has raised USD300 million in a financing round that Tencent Holdings Ltd. [HK:700] and Foxconn Technology Group [TWSE:2317] took part in.

The funds will be used for developing smartphones, Essential said. The company did not disclose when its USD699 phone and other hardware products will become available.

Redpoint Ventures, Playground Global LLC, Access Technology Ventures, VY Capital Management Co., Altimeter Capital Management LP and Amazon.com Inc. [NASDAQ:AMZN] joined Tencent and Foxconn in the round.

Rubin did not reply to Yicai Global’s request for comment.

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Keywords: Andy Rubin, Android, Smart Phone, Essential, TENCENT, FOXCONN