Humane, the brand behind the recently unveiled AI Pin, could be looking to sell its business merely weeks after the launch of its first ever product, the Humane AI Pin, which didn’t go as planned by the company. As of now, the company is seeking for a potential buyer, according to a report.
The report comes from Bloomberg, as per who, Humane is reportedly exploring a potential sale of its business, seeking a price between $750 million and $1 billion. Last year in October, the brand was valued by investors at $850 million, according to tech news publication “the Information”. The company is working with a financial advisor to provide assistance, as per sources who wish to remain anonymous due to the confidential nature of the matter. Aside from this, the report didn’t reveal any other details about the matter.
Founded in 2018 by ex-Apple veterans Imran Chaudhri and Bethany Bongiorno, Humane Inc. aimed to revolutionize wearable technology. The AI Pin, a magnetic, square-shaped device, generated significant buzz before its launch. However, post-launch reviews have been largely critical, highlighting issues with functionality, user interface, reliability, compatibility, and cost.
Notably, Marques Brownlee, a leading tech reviewer with over 18 million subscribers, labeled it the “worst product I’ve ever reviewed”, which further created a stir on social media. Reviewers have highlighted that while the concept of the product is innovative, the execution falls short. The AI Pin’s performance issues and limited utility have overshadowed its core aim to reduce screen time and offer a new kind of wearable technology which could essentially replace smartphones. A device called Rabbit R1 met a similar fate when it was released to the public.
There could be multiple reasons due to which Humane may be looking to sell its business. The rocky launch of the AI PIN may have impacted their financials and reputation. A sale could be an exit strategy if they struggle to overcome these challenges. Or, Humane might be reevaluating its long-term goals and selling the business could allow them to focus on other ventures or technologies. Investors could also probably be pushing for a sale to realise returns or cut losses.