OnePlus cofounder Carl Pei just launched a new smart device company called 'Nothing'

OnePlus cofounder Carl Pei unveiled on Wednesday the name of his new venture Nothing, a brand focusing on consumer tech that will be based in London.

In a press release issued by Nothing, the CEO of the brand Carl Pei said that Nothing's mission is to remove barriers between people and technology to create a seamless digital future, reports the Bussness Insider.

"We believe that the best technology is beautiful, yet natural and intuitive to use. When sufficiently advanced, it should fade into the background feel like nothing," said Carl.

In the press release, Nothing anonounced that it will release smart devices within the first half of this year, reports the Business Insider.

The new company raised $7 million in financing in December and includes investors such as iPod inventor Tony Fadell, YouTuber Casey Neistat, Twitch co-founder Kevin Lin, and Reddit CEO Steve Huffman, among others.

Pei didn't reveal the line of products that will be launched or who it will compete with.

During and interview with the Verge, Carl said that Nothing is currently focusing on simpler categories as it builds up its team that aims to connect multiple categories of products.

Nothing plans to profit from selling hardware instead of software subscriptions, according to Pei.

However, in the long-run a "healthy business" requires both good hardware and software, he told The Verge, reports the Business Insider.

In a report published in Wired in December, Carl Pei said that to stand out in the market, Nothing will use "custom made" components in its products.

Nothing might focus on music and include manufacturing headphones, added Carl Pei

Pei left OnePlus in October. He launched the Chinese consumer electronics manufacturing company in 2013.

OnePlus first sold phones through an invite-only requirement and later adapted to a newer business model offering affordable and competitive phones. The company also produces other products such as headphones and TVs, reports the Business Insider.

In 2018, long lines of people were waiting outside T-Mobile's store in New York City to buy OnePlus 6T smartphone than there were for new iPhones.

The smartphone came with a high-end design, specs, and performance for under $600.

Earlier that year, few Android phones have gained as much hype as the OnePlus 6 when it was released. OnePlus reported that over 15,000 people were lining up for the phone in 26 cities across 11 countries, reports the Business insider.