Nothing raises $200 million to launch new smartphone

Nothing, the consumer electronics startup, has raised more than $200 million to launch a new smartphone, the Financial Times reports.

Why it matters: With some big-wig backers, the smartphone startup is vying to crack the Apple and Samsung-dominated market with a new design that isn’t iterative of their large rival’s models.

Context: Throwing his weight behind the venture is Carl Pei, the co-founder of Chinese smartphone company OnePlus, which is a part of China's BBK Electronics, one of the largest smartphone makers in the world.

Details: Among its backers are Alphabet’s VC arm, EQT Ventures, and ex-Apple designer Tony Fadell, the FT says.