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Humane Seeks Buyer for $700 Ai Pin

Humane, the innovative firm behind the heavily hyped Ai Pin, is reportedly looking for a buyer after its recent launch
May 23, 2024

Humane, the innovative company behind the highly anticipated Ai Pin, is reportedly searching for a buyer. According to Bloomberg, citing anonymous sources, the company has valued itself between $750 million and $1 billion, with the sale process still in its early stages.

Founded in 2017 by ex-Apple executives Bethany Bongiorno and Imran Chaudhri, Humane raised approximately $230 million from notable investors like Microsoft, Qualcomm Ventures, Marc Benioff, and OpenAI's Sam Altman before unveiling any products. Despite this substantial backing, Humane has never disclosed its official valuation. However, The Information reported last year that the company's valuation stood at $850 million.

Humane introduced its first product, the Ai Pin, in June last year. This wearable gadget, featuring a projected display and AI-driven functions, generated significant buzz. The Ai Pin, designed with a unique form factor, is equipped with sensors, generative AI, and a small projector capable of displaying images on any surface, including the user's hand.

Despite its intriguing features, the Ai Pin faced a rocky start. Priced at $700, plus a $24 monthly subscription for a phone number and unlimited data, the device struggled to attract consumers in a tight market. Initial reviews suggested that the Ai Pin didn't offer significant advantages over existing smartphones. Prominent tech reviewer Marques Brownlee (MKBHD) gave a particularly critical review, which many feared could doom the Ai Pin before it gained traction.

Adding to the company's woes were complaints about battery life and overheating, as well as competition from emerging, cheaper smart gadgets like Meta's Ray-Bans and Rabbit's R1. Humane also faced internal challenges, including the departure of CTO Patrick Gates in January and a 4% reduction in its workforce.

Given these difficulties, the search for a buyer is not entirely unexpected. However, whether any potential suitors will be willing to take the plunge remains uncertain.

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