Essential, the start-up founded by the creator of Android, would be on sale

by bold-lichterman

Essential, the start-up co-founded by Android creator Andy Rubin, is said to be on sale just a year after its launch, according to information obtained by Bloomberg. The start-up would have hired Credit Suisse to support it and received at least one proposal.

The company launched its smartphone, Essential Phone, last August, and the model began shipping in France in April. The start-up declined to comment on the information. She would also have canceled the launch of the Essential Phone 2. Asked about this on Twitter, Andy Rubin was satisfied to answer that the company was still working on several products and accepted the idea of ​​canceling some in favor of those with greater potential for success.

Valued between 900 million and 1 billion dollars in 2017

When it was released, the Essential Phone promised to revolutionize the Android smartphone market, but sales were disappointing. The company is said to have sold around 150,000 copies. The start-up had managed to raise around $ 300 million from various investors including Amazon, Tencent and Redpoint Ventures. It was valued between $ 900 million and $ 1 billion by Equidate last year. Essential is said to have spent more than $ 100 million, or one-third of the money raised, to develop its first products. The company is part of Playground Global, the incubator founded by Andy Rubin in 2015 and dedicated to start-ups specializing in the development of hardware products.

Discussions would focus on the sale of the entire company, including its patent portfolio, hardware products such as the Essential Phone or a home assistant that should soon be launched. The engineers recruited, former from Apple or Alphabet, the parent company of Google, would also be part of the agreement if a sale actually goes through.