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

• Nothing, a brand focused on consumer tech, will be based in London
• Nothing will launch its first line of products during the first half of this year.
• OnePlus cofounder Carl Pei launched the brand after raising $7 million in financing in December.

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.

"Nothing's mission is to remove barriers between people and technology to create a seamless digital future," said Pei, the new brand's CEO, in a press release. "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."

Nothing will release smart devices within the first half of this year, the press release said.

Read More: More people lined up at T-Mobile's flagship store to buy a new $580 Android phone than the iPhone

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. But he told The Verge 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.

To stand out in the market, Nothing will use "custom made" components in its products, Pei said. Nothing might focus on music and include manufacturing headphones, Wired reported in December.

Read More: The OnePlus 8T is a great phone with some minor drawbacks, which the Samsung Galaxy S20 FE addresses for a lower price

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.

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.