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Nothing Raises $200M Series C to Power the Next Phase of Consumer AI

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Nothing Phone (3) aesthetic shot

Today, we’re announcing new funding––USD $200M in our Series C round at a USD $1.3B valuation. This milestone marks the start of our next phase: From being the only independent smartphone company to emerge in the last decade, towards building an AI-native platform in which hardware and software converge into a single intelligent system.

a portrait of Carl Pei, CEO and Co-founder of Nothing
Carl Pei, CEO and Co-founder of Nothing

Building the foundations for the future
When we started Nothing, we had a thesis that if we could build a smartphone business at scale and own the last-mile distribution point in consumer tech, we would be well-positioned for the next technology shift. Although we didn’t know what that would look like at the time, the opportunity is now crystal clear.

From the start, we knew that the foundation had to be an end-to-end value chain
capable of delivering products at speed, scale, and quality. As we’ve seen from many others that have tried, building a hardware company is hard. There are many potential failure points and almost no room for error. For us, it required assembling a team that balanced a pragmatic approach of rapidly launching products, with an innovative mindset to deliver experiences that our community would immediately love.

Today, the foundations are firmly in place. From award-winning design, to our global manufacturing and supply chain network built for quality and cost. In four years, we have shipped millions of devices, began 2025 crossing $1B+ in total sales, while growing 150% in 2024.

Building this infrastructure has been the hardest and most valuable thing we’ve done so far. With the support of our community, we’re fortunate to have made it here. Today, we’re in a position that will be very hard to copy: The ability to launch any consumer hardware product from start to finish within months, go-to-market operations that can ship and service worldwide, a global user community that co-creates with us, all without the innovator’s dilemma or bureaucratic constraints that the incumbents face. On to chapter 2.

Operating systems, evolved
In the last 18 years, the smartphone became ubiquitous. It is the primary personal computing tool to manage the countless tasks of daily life. Beyond its distribution scale, what makes the smartphone the most powerful consumer device in the market is its unmatched access to contextual information and user knowledge. For this reason, I believe the smartphone will remain one of the most important devices in the AI era.

On the other hand, while AI has made revolutionary progress in the last three years, the smartphone experience has barely evolved. Most of the innovation has been underwhelming, limited to incremental improvements in photo editing, translations, and assistant features that barely work.

For AI to reach its full potential, consumer hardware must reinvent itself alongside it. This is the opportunity we see for Nothing. We see a future where operating systems are significantly different from the ones today. Each system will know its user deeply, and be hyper-personalised to each individual. Interfaces will adapt to our context and needs. Suggestions will surface naturally, and once we confirm an intent, agents will execute on our behalf. The system will handle the non-essential for us, allowing us to focus on what truly matters, which will be different for every person. Unlike today’s one-size-fits-all solution, a billion different operating systems will be rendered for a billion different people.

Over time, this OS will be transversal across all form factors: We’re starting with smartphones, audio products and smart watches, devices that people already use every day. In the future, our OS will carry into smart glasses, humanoid robots, EVs, and whatever comes next.

Why we are uniquely-positioned to create this future: Owning the last-mile distribution point with all its contextual and user knowledge is essential to developing an OS that will help people in their daily lives. An AI OS that doesn’t know its user and isn’t ever-present can’t deliver a hyper-personalised experience. This is the next chapter for Nothing, integrating an AI experience into our hardware devices to reinvent how technology amplifies us.

The next billion unit scale product
In the near-term, we believe that the smartphone will remain the only device shipping at billion-unit scale each year. But soon, we’ll all be carrying an additional device that will be just as important. In the coming years, we’ll learn that the more context we can feed our AI, the more useful it becomes. The smartphone, while powerful, can’t always be there for us. Sometimes it’s in our pocket, or we might be on the move with our hands full.

A new class of AI-native devices will emerge. Products that are available to the user at the moment of need, paired with intelligence that turns understanding into action. This is a very exciting time, imagining devices that capture context across modalities and generate interfaces on demand, shaped by what the user is trying to accomplish.

We have been hard at work imagining what this future could look like, and can’t wait to launch some of our first AI-native devices next year.

Our Series C capital raise
This funding round allows us to execute on this vision by accelerating our innovation roadmap and further scaling our distribution. Our round was led by Tiger Global, with significant support from existing shareholders GV, Highland Europe, EQT, Latitude, I2BF, and Tapestry, alongside new strategic backing from Nikhil Kamath and Qualcomm Ventures.

Alongside this Series C, we’re also preparing to launch our next Community round giving our supporters another opportunity to become part of Nothing’s journey. More details will be shared soon.

As we continue our journey, we do so with huge gratitude to our community, our team, and our partners. This next chapter is only possible because of you.

Carl, CEO and Co-founder of Nothing

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KnowBe4 Expands Global Data Residency to Six Markets Across the Middle East, Asia-Pacific and South America

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KnowBe4, the global leader in digital workforce security, securing both humans and AI agents, today announced its commitment to expanding in-region data residency across six key international markets: Australia, Brazil, Japan, Saudi Arabia, Singapore, and the United Emirates (UAE).

The expansion addresses escalating regulatory complexity worldwide. By offering local data residency, KnowBe4 enables organizations across industries to secure their whole workforce, people and AI agents, while aligning with local data privacy frameworks.

These new regions are in addition to KnowBe4’s existing data residency capabilities across Canada, the European Union (Germany and Ireland), the United Kingdom and the United States.

“As the global regulatory environment evolves and cyber threats grow more sophisticated, international organizations require clarity and confidence regarding where their sensitive data is stored,” said Bryan Palma, CEO at KnowBe4. “Expanding our in-region data residency across these six markets gives our customers greater control over their data at rest, so they can secure their workforces with confidence.”

Launch in each new region is contingent on the underlying cloud infrastructure becoming generally available. Customer data at rest in these regions will be available across the KnowBe4 Platform.

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Cambridge Health Group and Heriot-Watt University to advance research and innovation in the GCC

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Cambridge Health Group (“CHG an international specialist healthcare group providing post-acute care and a subsidiary of Amanat Holdings PJSC (“Amanat”), has signed a three-year Memorandum of Understanding (MoU) with Heriot-Watt University (“Heriot-Watt”) to advance academic research in rehabilitation, long-term care and specialised care.

The agreement brings together CHG’s clinical expertise in long-term care and post-acute rehabilitation across six facilities in the UAE and Saudi Arabia with Heriot-Watt University’s pioneering research in healthy ageing, rehabilitation robotics and assistive technologies. Through its Global Research Institute in Health and Care Technologies and the National Robotarium, Heriot-Watt combines expertise in engineering, artificial intelligence and behavioural science to address complex challenges in health and care. Heriot-Watt’s global presence spans five campuses across Scotland, Dubai and Malaysia, with plans to establish a further campus in Saudi Arabia.

Together, the organisations will connect research with clinical practice, creating opportunities to develop and evaluate innovations that support rehabilitation, maximise independence and improve quality of life for people with complex, long-term care needs. The partners will also pursue national and international research grants, including collaboration with government and industry partners.

The partnership will also support the development of the region’s specialist healthcare workforce through academic training, executive education and tailored development programmes. These will include postgraduate research supervision, internships, industry placements and mentoring, helping connect academic learning with practical experience.

Professor Dame Heather McGregor, member of Heriot-Watt University’s Executive, said: “Universities have an important role in ensuring that research responds to the needs of society and that its benefits extend beyond academia. Our partnership with Cambridge Health Group brings our researchers closer to the questions and challenges shaping healthcare practice, creating opportunities to translate knowledge into meaningful improvements in care. Through education, professional development and practical experience, we look forward to supporting the skills and expertise the region will need as its healthcare sector continues to evolve. We look forward to doing meaningful work together.”

Wael K. Abdallah, Group Chief Executive Officer of Cambridge Health Group, said: “As healthcare systems across the region evolve, advancing specialised care will increasingly depend on our ability to connect research, clinical expertise and real-world healthcare needs. At Cambridge Health Group, we see research and innovation as important enablers of better care outcomes and the continued development of post-acute healthcare across the GCC. Our collaboration with Heriot-Watt creates opportunities to bring academic expertise closer to clinical practice, strengthen the capabilities of our workforce and contribute to the long-term advancement of the sector.”

The partnership represents a step towards translating research into practical advances in specialised care, with the potential to benefit patients, healthcare professionals and the wider sector.

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Leading AI Builders Make Massive Commitments on VAST-Powered Infrastructure

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On the back of the biggest buildout in data infrastructure history, VAST Data, the AI Operating System company, today announced that it is at the center of many of the largest deployments in this space. In the first three quarters of the current fiscal year, just 14 of the more than 1,000 companies VAST serves have made more than $10 billion in aggregate commitments for VAST Data software and supporting platform hardware. The scale and breadth of these investments have no known precedent in the history of data infrastructure and signal that VAST is leading the world in this explosive buildout of superintelligent systems.

The VAST AI OS is the platform of choice for leading AI clouds and frontier AI labs to enable scalable AI training and inference. In 2026, the expansion of AI use cases and the realization of the value of superintelligent systems has reinforced the mandate for organizations to build with industrial-grade storage and database infrastructure to support GPUs and AI accelerators.

The progress VAST has made:

  • 14 customers have each committed over $100M in VAST Data-powered system build outs
  • Four of those 14 customers have each committed over $1B this year
  • VAST Data-powered systems now support 9 of the top 10 frontier AI labs

“Growth at this scale only happens when an entire industry is rebuilding at once,” said Renen Hallak, Founder and CEO of VAST Data. “That’s what the new AI stack is. It’s being built for models and agents, not people and applications, and data sits at the center of it. The companies building it at the largest scale, for people, agents and now robots, are choosing VAST to anchor it.”

Supply Aligned Through 2029

The scale of data capacity VAST’s partners are delivering is unprecedented, and is now representing a significant percentage of the overall global NAND flash produced for enterprise data centers. At a time of such extreme supply chain pressure, VAST is also now taking steps to ensure the next phase of superintelligent system buildout. Increased flash supply takes years to bring online due to the investments in NAND fabs.

Because VAST is partnered with so many of the world’s AI builders, VAST has unique visibility into where capacity demand is headed. The company has structured agreements with its supply chain partners to align more than 200 exabytes of flash capacity through 2029. This forward planning supports VAST’s scaling objectives for the next several years, maps to the growth outlook of its largest customers and helps the AI clouds, labs, enterprises and government organizations building on the VAST AI OS plan their infrastructure with confidence.

“Planning for hundreds of exabytes isn’t only about protecting our customers’ growth projections,” said Jeff Denworth, Co-Founder of VAST Data. “It’s about keeping flash available to hundreds of clouds, so that every AI builder, not just the largest, has the capacity it needs to build and compete.”

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