Essential now worth $1.2 billion, thanks in part to Foxconn
Foxconn investment subsidiary FIH Mobile has put $3 million into Android co-creator Andy Rubin’s Essential, according to Bloomberg columnist Tim Culpan.
Essential has yet to ship a single PH-1 phone or Home assistance hub, but that has not stopped investors from valuing the company at approximately $1.2 billion — in Silicon Valley, firms that achieve valuation above the billion mark earn the informal nickname of “unicorn.”
— Tim Culpan (@tculpan) August 14, 2017
“[FIH Mobile] believes that the deep collaboration with Essential is a powerful alliance which will create great synergy and bring a series of promising products to the handset market,” the company stated in a filing for its second fiscal quarter earnings.
Foxconn basically now has a 3 percent stake in Essential.
FIH Mobile serves as a manufacturer partner to Finnish group HMD Global, the brand licensee for Nokia Android smartphones.