Humane, the startup behind the critically panned AI Pin wearable computer, is already seeking a potential buyer for its business, according to Bloomberg. The company, led by former Apple veterans Imran Chaudhri and Bethany Bongiorno, is reportedly aiming for a sale price between $750 million and $1 billion.
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This lofty valuation comes despite the AI Pin’s rocky debut. Priced at $699, the device has faced harsh criticism for its sluggish performance and subpar user experience, falling short of the always-on, wearable AI assistant concept touted by its founders. The AI Pin was marketed as a tool to help users stay more present and reduce dependence on smartphones.
Humane’s AI Pin runs on a proprietary operating system called CosmOS. It leverages a network of AI models to provide answers to voice queries and analyse visuals captured by its built-in camera. One of its unique features is a laser “display” that projects information onto the wearer’s palm. A monthly subscription is required to keep the device operational.
Despite these innovative features, the AI Pin’s execution has been lacking. Reviewers have highlighted the device’s inconsistent software, poor battery life, and overheating issues. Humane has committed to addressing these problems with firmware updates, recently incorporating OpenAI’s GPT-4o model to enhance the device’s capabilities.
Bloomberg’s report notes that Humane has raised $230 million from investors, including OpenAI CEO Sam Altman. Interestingly, Altman is rumoured to be developing another AI product with famed Apple designer Jony Ive, which could potentially outshine Humane’s offering.
In 2023, investors valued Humane at $850 million, prior to the widespread criticism of its first product. Despite some novel and clever ideas, the AI Pin’s overall execution has been disappointing.
Finding a buyer for Humane at the desired price may prove challenging. Major tech companies like Amazon, Apple, Google, Meta, and Microsoft are all heavily invested in AI development, but it’s uncertain how much value Humane’s intellectual property would add to their existing AI initiatives.
