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Humane Seeks Buyer After AI Pin's Disappointing Launch
Humane is seeking a buyer valued between $750 million and $1 billion despite the AI Pin's lacklustre debut and numerous issues.
Humane, the startup known for its AI Pin wearable computer, is reportedly looking for a buyer after the device's disappointing market entry. According to Bloomberg, the company, founded by former Apple executives Imran Chaudhri and Bethany Bongiorno, is aiming for a sale price between $750 million and $1 billion.
The AI Pin, which retails for $699, has received negative feedback due to its sluggish performance and subpar user experience. These shortcomings fall short of the founder's vision of an always-on, wearable AI assistant to help users be more present and less reliant on smartphones.
The AI Pin operates on Humane's custom-built CosmOS, which connects to a network of AI models to answer voice queries and analyze visual inputs from its built-in camera. One of its standout features is a laser projection that displays information on the user's palm. However, users must subscribe to a monthly plan to keep the device functional.
Despite these innovative features, the AI Pin has been criticized for its underdeveloped software and problematic hardware. Reviewers have highlighted issues like poor battery life and overheating. Humane has promised to address these problems through firmware updates and recently integrated OpenAI's GPT-4o model to improve the device's intelligence.
Humane has raised $230 million from investors, including OpenAI CEO Sam Altman. Altman is reportedly working on a different AI project with famed Apple designer Jony Ive, which may offer a more refined vision of AI technology.
In 2023, Humane was valued at $850 million. However, this was before the widespread criticism of its first product. The company's intellectual property might hold some appeal, but it remains to be seen if it will attract the desired price. Major tech companies like Amazon, Apple, Google, Meta, and Microsoft are all heavily investing in AI, yet it is unclear how much they would benefit from acquiring Humane's assets.
As Humane explores potential buyers, the startup faces the challenge of justifying its high valuation despite the AI Pin's rocky start. The market's response to their next moves will determine if Humane can find a suitor willing to invest in their vision of wearable AI technology.
