HMD Global, the Finnish mobile company that currently holds the rights to the Nokia brand of smartphones, has scored $230 million of investment from Qualcomm, Google, and even Nokia Technologies.

With more money in its coffers, HMD Global will boost its expansion into the 5G market.  The company’s first 5G device, the Nokia 8.3 5G, was revealed in March but has yet to go on sale.

Nokia 8.3

The new investment is also seen as a move to put a new smartphone manufacturer to the top, especially one from Europe, what with the US government banning the likes of Huawei and other major Asian players.

Besides 5G, HDM Global will use the investment to add next-gen tech to its future products, although nothing in particular was specified. More budget-friendly phones in the mid-tier range are also in the company’s focus, as the COVID-19 pandemic has veered many away from costlier high-end products.  

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