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The father of Android has reportedly cancelled his next big smartphone and might sell the company after raising $300 million (GOOG, AAPL)
Essential — the startup founded by Android creator Andy Rubin — plans to sell itself, according to a new Bloomberg report.
The hardware company released its first product, the Essential Phone, last year. But plans have now been scrapped to release a second device.
Essential has raised $300 million to date and has been valued at around $1 billion.
Essential — the hardware startup founded by Android creator Andy Rubin — has canceled its next smartphone and is now looking to sell itself, according to a report from Bloomberg's Mark Gurman and Alex Barinka.
The 3-year-old startup has hired Credit Suisse to advise it on a sale, and has received interest from at least one potential buyer, Bloomberg reports, citing anonymous sources.
Essential is part of Rubin's startup incubator, Playground Global, and has raised $300 million. Essential is valued at around $1 billion, according to Pitchbook data.
The startup launched its first product, the Essential Phone, in August of last year. While the phone has been lauded as beautifully designed, it faced shipping delays, poor sales, and stiff competition from the likes of Apple, Samsung and Google. By October, Essential had already slashed the price of the phone by $200 amid reports of poor sales.
Bloomberg reports that the company has sold about 150,000 Essential Phones to date.
According to Bloomberg, Essential had started working on a second iteration of the device, but those plans have been scrapped and employees working on the phone have been shifted to Essential's upcoming smart home product.
Essential did not immediately respond to a request for comment.
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