(MENAFN- NewsBytes)
Android creator Andy Rubin's smartphone brand Essential up for sale
25 May 2018
According to reports, Android creator Andy Rubin is trying to sell his smartphone brand Essential.
The company has also hired Credit Suisse Group AG for advice on a potential sale.
Essential has so far raised $330 million from investors like Rubin's own Playground Global, Tencent Holdings, and the Amazon Alexa Fund.
The company was valued at $900 million-$1 billion in 2017.
Essential also no longer working on its next smartphone
Fact
The company has also canceled the development of its next smartphone which it had been working on for some time. However, Essential is exploring hiring a manufacturer that can keep developing devices with the Essential brand to maintain a market presence.
Company gives up nine months after launching its first smartphone
Background
The startup was launched last year to challenge the likes of Apple and Samsung.
Its first flagship called the Essential Phone PH-1 was launched in May 2017 for $699.
Essential spent over $100 million on product development, which is about a third of the company's total funds.
But according to an IDC report, only 88,000 units of the smartphone were sold in 2017.
The phone has mixed reviews
Fact
Essential Phone PH-1 is unique in look and design. It features modular accessories, uses exotic materials like titanium and ceramic casing, and was among the first phones with an almost bezel-less display. However, the phone has faced heavy criticism primarily for its camera performance.
The phone has 5.7-inch display, triple camera setup
Specs
The smartphone features a 5.7-inch QHD edge-to-edge display, 4 GB of RAM and 128 GB of internal storage.
It offers a triple camera setup with a 13 MP dual RGB + 13 MP Mono cameras at the rear and an 8 MP camera at the front.
It is powered by the Qualcomm Snapdragon 835 processor.
The company working on Essential Home, a home assistant hub
Details
Rubin said, "We always have multiple products in development and we embrace canceling some in favor of the ones we think will be bigger hits. We are putting all of our efforts towards our future, game-changing products, which include mobile and home products."
The upcoming smart home product will reportedly have a circular display, deliver visual notifications, and launch next year.
Discussions focused on sale of the entire company
Fact
When the company will sell, it will include its patent portfolio, hardware products like the Essential Phone PH-1, the upcoming smart home device Essential Home, and a camera attachment for the phone.
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