Essential is now on sale after a year in business and releasing one smartphone, reported by Bloomberg.
The Palo-Alto based hardware start-up’s founder Andy Rubin is allegedly selling his company and there is a third party who already expressed interest in buying it. According to the reports, he also canceled the development of a new smartphone. The company is actively shopping itself around according to Bloomberg and asking for advice on a potential sale.
The startup made by Rubin has raised $300 million from its investors including Amazon.com, Tencent Holdings and Redpoints Ventures. According to Analysis by Equidate which runs a market for private company stock, it was valued at $900 million to $1 billion a year ago.