Goodbye, Essential Phone. Andy Rubin sold the company and cancels the release of the new smartphone

Essential debuted in may last year — the company announced the smartphone in PH-1. The model surprised the trend frameless design and high-quality housing, however, disappointed with the quality of shooting photos. According to sources, is to wait for the second generation device makes no sense. The founder of the project put it up for sale.

About what is happening according to Bloomberg. According to sources, the company Essential Products Inc. already hired experts Credit Suisse Group AG to find a buyer. At least one potential customer interested in the proposal.

Recall that Rubin’s startup received investments from several investors, which included Amazon, Tencent Holdings Ltd and Redpoint Ventures. According Equidate a year ago its value was estimated in the interval from 900 million to one billion dollars.

On sale will the whole company. It includes the patent portfolio, the original model PH-1, additions to its camera and yet to be announced devices for the smart home.

The reason for the sale could be poor performance of the company. Essential sold about 20 million smartphones at $ 699, and then reduced the starting price. Everything in the world has sold about 150 thousand Essential Phone.

Will the buyer continue to release smartphones line — unknown. Discuss sad news in a Telegram. channel AndroidInsider.

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