Humane, the startup behind the controversial AI Pin wearable device, is actively seeking a buyer for its company. According to a report from Bloomberg, the company, founded by former Apple employees Imran Chaudhri and Bethany Bongiorno, is aiming for a valuation between $750 million and $1 billion.
This move comes shortly after the much-anticipated release of the $699 AI Pin, a wearable computer designed to serve as a hands-free, always-on AI assistant. However, the device has faced widespread criticism from reviewers and users alike, who have cited issues such as slow response times, a sub-par user experience, and hardware problems like poor battery life and overheating.
The AI Pin was intended to be a revolutionary product, offering a way for users to reduce their reliance on smartphones and stay more present in the moment. It runs on Humane’s proprietary operating system, CosmOS, which connects to a network of AI models to answer voice queries and analyze visual input from the device’s built-in camera. The device also features a unique laser projection system that displays information on the wearer’s palm. However, despite its ambitious goals, the AI Pin’s flaws have been widely criticized, leading to questions about the company’s future.
Humane has raised $230 million from investors, including OpenAI CEO Sam Altman, who is rumored to be working on a separate AI product in collaboration with former Apple designer Jony Ive. While Humane was valued at $850 million by investors in 2023, the AI Pin’s underwhelming reception has likely impacted the company’s valuation.
Finding a buyer at the desired price range of $750 million to $1 billion may prove challenging for Humane. Major tech companies like Amazon, Apple, Google, Meta, and Microsoft are all making significant investments in AI, but it remains unclear how valuable Humane’s intellectual property would be to their ongoing efforts.
Despite the setbacks, Humane has pledged to address the AI Pin’s issues through firmware updates and has recently integrated OpenAI’s GPT-4 language model to enhance the device’s capabilities. However, whether these efforts will be enough to revive the company’s fortunes or attract potential buyers remains to be seen.
