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Nextbit Raised $18M and No One Knows What It Is

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    NEWSLETTERS

    Nextbit received $18 million in funding but few know what the company does.

    Tom Moss and Mike Chan, both Google veterans who worked on Android, are working on the company which has only been described in broad terms.  

    The startup has apparently changed "the core user experience in a mobile OS," according to TechCrunch, but it isn't a separate strain of the Android OS. So, how can a mysterious startup without a product or revenue garner funding? Well, it's because of the company's founders, both Android vets with impressive resumes. Moss created 3LM, a company that was bought by Motorola Mobility in 2011, and both Chan and Moss were Accel Partners entrepreneurs-in-residence.

    Both say that they are keeping quiet about their startup because of worry that bigger competitors could take over their idea.

    “We are actually working on something really hard,” Chan told TechCrunch. “We wanted to make sure we wouldn’t have the stress of raising money while we’re building it.”
    Our take is that Moss and Chan already had an "in" at Accel Partners, since both were entrepreneurs-in-residence, and likely are already known at Google since they were previous employees, so the funding may have come easier to them rather than an average Silicon Valley startup.