Nokia mobile phone HMD receives 230 million US dollars investment from Google and Qualcomm

Naija Tech News (NTN) on 11, and in content, Nokia mobile phone HMD receives 230 million US dollars investment from Google and Qualcomm, Google, Mobile Phone, Nokia, Nokia Mobile Phone, Qualcomm .

Nokia mobile phone manufacturer HMD Global announced today that it has raised US$230 million from investors such as Google, Qualcomm and Nokia for the development of 5G smartphones.

HMD Global stated that the funds will be used for the research and development of 5G smartphones and will be sold in the US market in conjunction with local operators in the future. In addition, the funds will also be used to help HMD Global expand in markets such as Brazil, Africa and India, and expand from hardware to software and services.

HMD Global is headquartered in Finland. In May 2016, Nokia announced the global launch of the Nokia brand’s plan to return to the mobile device, mobile phone and tablet market. According to the plan, Nokia exclusively authorizes HMD Global to produce Nokia-branded mobile phones and tablets in the next ten years.

HMD Global CEO Florian Seiche said in an interview with the media today: “We believe that focusing on high-end and differentiated smartphone experiences will make us different. Obviously, our Partners (supporters) also agree with this view and strongly support our accelerated development in the next few years.”

Seche also pointed out that HMD Global is still investing heavily in traditional “feature phones” (non-smart phones), but in markets such as Africa, consumers are shifting from feature phones to smart phones. HMD Global also stated that HMD Global’s products are more affordable than those of companies such as Samsung and Apple. Moreover, HMD Global also works directly with Google to provide users with Android security updates on a regular basis.

HMD Global also revealed today that the company’s net revenue last year was 1.7 billion euros (approximately 2 billion U.S. dollars), a decrease of nearly 30% from the 2.4 billion euros in 2018, mainly because it weakened some markets, because there needs to be further investment. Last year, HMD Global lost 295 million euros, a year-on-year increase of more than 50%.

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