Andy Rubin’s Essential is reportedly up for sale and has cancelled work on its next smartphone

Andy Rubin’s Essential is reportedly up for sale and has cancelled work on its next smartphone

Essential,  the smartphone company helmed by Android co-creator Andy Rubin, is trying to sell itself and has cancelled development of its next phone, Bloomberg reports.

Android, Buy Now, Discount, Video, Free Trial, Smartphone

The report states that Essential has hired Credit Suisse Group AG to advise them on potentially selling itself. The company raised $330 million from investors, including Rubin’s own Playground Global, Tencent Holdings and the Amazon Alexa Fund. The news of a potential sale accompanies news that the company has ended development on its next smartphone, a major blow for a company aimed to challenge companies like Apple and Samsung with a device that it hoped would hold its own.

[Read Also: 4 Strategy Of Making Millions Through Lead Generation From Facebook Video]

“We always have multiple products in development at the same time and we embrace canceling some in favor of the ones we think will be bigger hits,” an Essential spokesperson told TechCrunch. “We are putting all of our efforts towards our future, game-changing products, which include mobile and home products.”

The Essential phone went on sale in August for $699 with a bold, reduced bezel design that was soon present on a variety of smartphones. A report from IDC suggested that the company only sold 88,000 phones in 2017. Sluggish sales prompted the company to slash $200 off the price of the phone just months later, earning it a price that one of my colleagues called the “best deal in smartphones.”