London-based smartphone manufacturer Nothing has recently secured $200 million in a funding round led by Tiger Global, valuing the company at $1.3 billion, according to a recent report by Reuters. The investment will reportedly support the company's efforts to integrate artificial intelligence into its hardware products.

Nothing was founded in 2020 by Carl Pei, previously a director and co-founder at OnePlus. The company entered the competitive smartphone market in 2022 and has since expanded into audio products, shipping millions of devices and accumulating over $1 billion in total sales, states the Reuters report.

Regarding the funding, Nothing stated that AI integration requires reimagined consumer hardware, indicating plans to eventually expand into smart glasses, robotics, and electric vehicles. The company did not provide additional details regarding specific AI features or product release timelines, adds the report.

Existing investors, including GV, Highland Europe, and EQT, participated in the funding round.