Access Technology Ventures, the corporate venturing vehicle for industrial conglomerate Access Industries, has invested $100m in US-based smartphone producer Essential Products a part of a $300m funding round.
E-commerce and cloud computing firm Amazon also participated in the round, through its Alexa Fund, as did internet group Tencent, venture capital firm Redpoint Ventures and investment firms Altimeter Capital and Vy Capital.
The round was originally revealed through a Bloomberg report in June this year that identified the amount but not the investors, and stated the round valued Essential at between $900m and $1bn. Access Technology Ventures, which led the round, will take a seat on Essential’s board of directors.
Essential Products’ core product is a smartphone with a high-spec, 360-degree camera, an edge-to-edge display and a magnetic connector with wireless data transfer that means accessories can be used without wires.
The company revealed this week that it has begun mass production of the phone, and Essential is also developing a smart home assistant it claims will focus more on privacy and fit in better with a home’s existing surroundings.
Pueo Keffer, managing director of Access Technology Ventures, said: “There is consistent demand in the mobile industry for new and enhanced technology which Essential is uniquely positioned to attract.”
Playground Global, the VC fund by Essential founder and CEO Andy Rubin, joined Redpoint Ventures to provide the $30m that made up the company’s initial funding in February 2016. Manufacturing services provider Foxconn is also named as an investor by Essential’s website.
– Image courtesy of Essential Products, Inc.