Essential Products, founded by Andy Rubin, is a startup company that was started in 2017. Andy Rubin is also the co-founder of Android. After the launch of a new Smartphone last year, he intended to develop the next Essential Phone. But the company is up for sale now and plans to develop a new Smartphone have dropped.
The entire company is up for sale. It includes the company’s patent portfolio, plans for smart home devices and phone with a camera attached. The entire company is sold off and not its parts.
Sale has not been finalized but it will include the people who have been hired from some of the best company’s such as Google, Apple, etc.
Rubin, who has about 20 years of experience in the phone business, started the PatoAlto, the Playground from California, after his services in Google. Smarthome products are some of the game-changing products from Essential.
The Smartphone launched in August last year, Essential Phone, was a successful launch with its neat look that was able to compete with iPhone X. The all-screen front was liked by its users, along with its titanium frame.
The next model was being developed but got canceled now.
Essential has spent almost $100 million in its first set of new products, of which only a few of them have been shipped. The brand has its own market and fans that are looking forward to a new business from Essential.
When the first Smartphone was sold by Essential Products, buyers were limited. It cost $699 which buyers felt were a bit high, as it was on par with iPhone. But when the phone price was lowered by $200, there were more buyers and the company has stated that around 150,000 pieces had been sold, currently.
The sale of the startup, Essential Products, is being done through Credit Suisse to talk out the deal.