Essential debuted in May last year – then the company announced a smartphone PH-1. The model surprised the trendless frameless design and high-quality body, but disappointed with the quality of shooting photos. According to sources, it is useless to wait for the second generation of the device. The founder of the project put him up for sale.
Bloomberg reports about what's happening. According to sources, Essential Products Inc. has already hired experts from Credit Suisse Group AG to find a buyer. At least one potential client became interested in the offer.
Recall Rubin start-up received investments from several investors, including Amazon, Tencent Holdings Ltd and Redpoint Ventures. According to Equidate, a year ago its value was estimated in the range from 900 million to one billion dollars.
The whole company will go on sale. It is accompanied by a portfolio of patents, the original model PH-1, additions for its camera and not yet announced devices for a smart home.
The reason for the sale could be the company's poor results. Essential sold about 20,000 smartphones at $ 699, after which it lowered the starting price. In total, about 150 thousand Essential Phone have been sold in the world.
Whether the buyer wants to continue to produce smartphones of the line is unknown. The sad news is discussed in the Telegram channel AndroidInsider.