Palo Alto – August 10, 2017 – Cooley advised Essential Products, a hardware company founded by Android developer Andy Rubin, on its $300 million Series B funding round. This round brings Essential Product’s total funding to $330 million, reportedly valuing the company at $1 billion. The funding round comes from investors including lead investor Access Technology Ventures, Altimeter Capital, Vy Capital, Redpoint Ventures, Playground Ventures, Future Fund (Australia’s sovereign wealth fund), Tencent and Amazon’s Alexa Fund, among others. A Cooley team led by Palo Alto-based partner Kevin Rooney advised on the financing.
Essential Products, co-founded by Rubin and Matt Hershenson in 2015, is focused on building mobile and home consumer devices for the 21st century. It is developing an Android-based smartphone – the aptly named Essential Phone – along with Home, a voice-controlled smart hub.
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