Softbank backs out of $100 million investment in a new smartphone startup from the guy who started Android
according to The Wall Street Journal .
The startup, called Essential, is working on a high-end smartphone designed to compete with Apple's iPhone, sources previously told Business Insider.
Business Insider has also heard that Essential was close to completing a large, $100+ million round of funding from major investors.Essential's first phone was expected to launch this spring or this summer.
The WSJ report says SoftBank's investment would've valued Essential around $1 billion.
A spokesperson for Essential declined to comment. A spokesperson for Softbank was not immediately available for comment.
Biz Carson contributed reporting to this story.