Smartphone vendor Nothing is reportedly vying to raise more than $100 million in a funding round to expand its regional presence and explore new product categories.

According to Bloomberg, the push comes as Nothing plans to refine its Android-based software to incorporate AI features, set to debut later this year. The start-up device business is also reportedly aiming to accelerate sales outside the US.

With a workforce of 600 and manufacturing hubs in China and India, Nothing’s primary markets remain India, Germany, and the UK. Meanwhile, the vendor’s audio gear has gained the most traction in the US, followed by the UK, Germany and Japan.

Sources claim that Nothing recently surpassed $1 billion in total sales, having sold more than 7 million product units. The company is also reported to have doubled its annual revenue to $500 million in 2024.

The latest figures reported by Bloomberg indicate a very strong nine months for Nothing.

Company founder and OnePlus co-creator Carl Pei (pictured) said in March last year that the company had shipped 2.7 million products since its debut in 2021.