The ongoing funding round for HMD Global is turning quite well after it receives investment from top tech companies.
Among the top companies that joined the latest round of funding are Google and Qualcomm. The company confirms that it successfully raised a total of US$230 million[AU$321 million] from its latest round.
Market analysts note that this is the most significant investment HMD Global had since its founding. With the round not finished yet, many believe that the company will raise even more money.
Investments for the future
The company said that it is expanding its operations and will not solely focus on smartphone hardware alone. The company points out that it is rolling out a new international roaming service called HMD Connect. It is also investing its resources towards research and development, as well as cybersecurity technologies.
Super proud to announce that HMD Global, the home of Nokia phones, has raised 230 million USD funding. The investment will further fuel HMD Global’s strategic vision. Read more here: https://t.co/yggZ7Gt8Ed#nokiamobile pic.twitter.com/bhzgfXHemT
— Juho Sarvikas (@sarvikas) August 11, 2020
One of the most important investors to join the latest round of funding is Google. The tech giant owns the Android platform, on which HMD Global’s smartphones operate. This is a huge investment for Google and part of its efforts to consolidate the Android market.
As for Qualcomm, the company is facing quite a huge problem, especially with its business in Asia. The United States has a trade ban against Huawei, one of Qualcomm’s biggest customer. The company is now working to lobby the lifting of this ban for it to continue its business with Huawei.
The race for 5G
With the future of technology going towards the path of 5G, HMD Global is planning to join the fray as well. Its smartphone division, Nokia, is planning to strike a deal with American telecommunications companies. It is also planning to release affordable 5G-enabled smartphones in the market.
Companies like Google, Qualcomm, and Samsung are all developing 5G technologies. For that matter, Nokia has already released its first 5G smartphone, the Nokia 8.3. The company plans to release the smartphone in the U.S. market soon.
Nokia smartphones are known for their affordability. For this matter, the company is in the segment of entry-level smartphones. This makes its smartphone an affordable option for those who want to experience 5G technologies.
This new round of investment will give HDM Global the resources it needs to grow its market. Nokia is currently available in more than 90 markets around the globe. This means that the company still has room to grow.
With 5G fast becoming the norm, HMD Global is in the right spot to capitalize on this technology. Considering the latest round of funding, the company now has the resources to achieve it.
Featured image courtesy of Dmitry Bayer/Unsplash