Android Creator puts Essential for sale, cancels the following phe

Essential Products Inc., a start-up co-founded by Android creator Andy Rubin who launched last year with great fanfare, plans to sell and canceled the development of a new smartphe, according to people close to the subject. The start-up told Credit Suisse Group AG advice a potential sale and received interests from at least e suitor, the people added. Essential is now actively buying from potential ctenders, said e of the attendees. The startup, which is part of Rubin's Playground Global incubator, raised approximately $ 300 milli from several investors, including Inc., Tencent Holdings Ltd. and Redpoint Ventures. According to an analysis of Equidate, which manages a market for shares of private companies, it was valued between $ 900 and $ 1 billi a year ago.

Photographer: David Paul Morris / Bloomberg

Essential also received investment from H Hai Precisi Industry Co., also known as Foxcn, the company's manufacturing partner for his smartphe introduced last year. Sprint Corp., which has been looking for a popular flagship phe, has launched a major marketing campaign for the Essential Device when it was introduced. The startup has spent more than $ 100 milli to develop its first products, about a third of the mey it has raised to build the business, according to people.

Photographer: Mark Gurman / Bloomberg

Current discussis focus a sale of the entire business, including its patent portfolio, …

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