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Just several months after the first Essential Phone was delivered, the company Essential Products Inc. is reportedly now in the market while the development of their next-generation smartphone has been canceled.
According to a report from Bloomberg, Rubin’s company Essential Products brought in financial advisor Credit Suisse Group AG to begin the process of the sale. A source of Bloomberg claimed that Essential Products has since attracted one potential buyer but it is still “actively shopping.”
When the company started promoting its first-ever smartphone, many had high expectations especially those who knew who the company CEO, Andy Rubin, is. To those who don’t, Rubin is famously known as one of the creators of the Android operating system, which Google later acquired.
After leaving Google in 2014, Rubin co-founded Essential Products the following year. In 2017, the company reportedly gathered at least $300 million investments and was valued at $1 billion even before the launch of Essential Phone.
The whole Essential Products company is reportedly up for sale and whoever closes the deal will also gain control of the startup’s patents and hardware products. On Essential’s official website and online store, the main product listed is the Essential Phone along with a 360-degree camera accessory, home security camera, and an array of earphones.
Sources added that Essential is yet to make its final decisions about the sale even though initial steps have already been carried out.
Meanwhile, neither Essential nor financial advisor Credit Suisse Group AG commented on Bloomberg’s report.
However, Rubin seemingly addressed the issue of canceling the development of their next smartphone. Amid the reports of Essential Products’ sale, Rubin took to Twitter on Thursday to talk about putting some projects on hold, though, not mentioning Essential Phone 2.
“We always have multiple products in development at the same time and we embrace canceling some in favor of the ones we think will be bigger hits,” Rubin said on social media. “We are putting all of our efforts towards our future, game-changing products, which include mobile and home products.”
