Essential Products Inc., a Palo Alto, California-based recently formed smartphone maker, raised $300m in funding.
Access Technology Ventures, the venture capital and growth technology investment arm of privately held industrial group Access Industries, is leading the round with a $100m investment, with participation from Redpoint Ventures, Tencent Holdings Ltd., Altimeter Capital, Vy Capital and Amazon Inc.’s Alexa Fund. Access will also join the company’s board of directors.
Today’s investment brings Essential’s total capital raised to $330m.
Founded by Andy Rubin, the creator of Android, the world’s most widely used operating system, Essential Products focuses on creating consumer technology products for the 21st century. Its Essential Phone is crafted using titanium and ceramic, has a full display and captures images (even in low-light) with a color and monochrome dual system camera. The smartphone, which works on all carriers, costs $699.00.