Andy Rubin’s Essential is now a billion-dollar company, according to Bloomberg columnist Tim Culpan. Thanks to Foxconn’s FIH Mobile $3 million investment in Essential to own 0.25 percent of the company, Rubin’s brand that has yet to ship a single product is now valued at $1.2 billion, therefore rendering Essential a unicorn, as is the reference to a billion-dollar company in Silicon Valley.
Thanks to FIH Mobile’s latest filing, I can tell you that @Arubin‘s Essential is now a unicorn, valued at appx $1.2bn
— Tim Culpan (@tculpan) August 14, 2017
It’s pretty staggering to think that a company who has delayed their first smartphone again and again without shipping any other products beforehand is already valued at over a billion dollars. It isn’t exactly clear how Essential has already reached such a feat, but early estimates back in July indicated they were close to the $1 billion mark. You could blame this at least partially on Rubin’s history as he is the father of Android, the third largest operating system in the entire world and one of the biggest players in mobile computing. This makes Essential extremely valuable on its own. And thanks to added funding and such investments as Foxconn’s recent one, it’s safe to assume this company probably is a unicorn by now, even though their goals still haven’t been met yet.
VIA: The Verge
Photograph via: Recode