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.”

“[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.

Essential was last appraised in June at $997 million, fresh off a $300 million Series B funding round with money coming in from Amazon’s Alexa Fund and Chinese conglomerate Tencent.

FIH Mobile serves as a manufacturer partner to Finnish group HMD Global, the brand licensee for Nokia Android smartphones.

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Jules Wang
Jules Wang is News Editor for Pocketnow and one of the hosts of the Pocketnow Weekly Podcast. He came onto the team in 2014 as an intern editing and producing videos and the podcast while he was studying journalism at Emerson College. He graduated the year after and entered into his current position at Pocketnow, full-time.