Yotaphone 2

Yota Devices definately wants to sell more of its two-screen YotaPhones, and it has secured a way for this to actually happen. The Hong Kong-based REX Global has bought a 64.9 percent share of the Russia-based Yota Devices, and REX is committed to investing at least $50 million in the company.

You may remember that the YotaPhone 2 was successfully funded via Indiegogo but the company later decided to cancel its US release plans for the phone due to manufacturing problems. Engadget reports this new backing from REX will hopefully solve those problems:

Vladislav Martynov, CEO of Yota Devices, explains to Engadget that his company was looking for "not just a one-time investment, but long-term access to financial resources." He's quick to stress that the company "was not in a financial crisis," and could have continued to profitably exist "as a niche company that sells a product in a few markets." However, its ambitions lie elsewhere. It's hoping REX Global will enable it not only to build quality smartphones, but provide the "significant financial resources" required to sell and market those devices globally. Put more simply: it won't need to work with small manufacturers and scrounge for funding on Indiegogo anymore."

The next version of the YotaPhone is currently in the works, in a partnership with ZTE, and is planned for release in the first half of 2016.

Source: Engadget