US-based smart devices producer Essential has raised “hundreds of millions of dollars” from investors including contract manufacturer Foxconn and internet company Tencent, Axios reported on Tuesday.
Conglomerate Access Industries, through its investment arm Access Technology Ventures, has also put money into Essential, as did VY Capital, Altimeter Capital, Redpoint and Playground.
Playground and Redpoint provided an initial $30m in funding, though Essential has not revealed additional details about the second funding round.
SoftBank was due to commit capital to the startup through its Vision Fund, but pulled out due to a conflict of interest as technology company Apple did not want to back a rival smartphone producer, nor did Essential want the corporate as a shareholder.
Essential has so far only launched a smartphone this week, but aims to build a large consumer electronics brand. The company was founded by Andy Rubin, who previously created the Android operating system that was acquired by internet company Google in 2005.
The company’s shareholders were revealed on Essential’s website, after the startup had earlier declined to provide details.