The startup Humane, known for its AI wearable computer Pin, is already looking for a potential buyer for its business. According to a Bloomberg report, the company led by former longtime Apple employees Imran Chaudhri and Bethany Bongiorno is looking to sell its business for between $750 million and $1 billion. The valuation may be difficult to reach after the debut of the AI Pin, selling for $699, which was widely criticized for its slow responses and a user experience that failed to deliver on the promise of an always-on, wearable AI assistant. The device was presented as a way to reduce the growing dependence on smartphones and to allow people to be more present.
Humane has developed its own operating system called CosmOS that powers the Pin AI. This system connects to a network of AI models to respond to voice queries and analyze what the built-in camera is framing. For some interactions, the device projects a laser “display” onto the palm of the user’s hand. A monthly subscription is required to keep the device active. Humane has already raised $230 million from investors, including OpenAI CEO Sam Altman, who is rumored to be developing an independent product in collaboration with legendary Apple designer Jony Ive to better demonstrate the potential of AI.
In 2023, Humane was valued at $850 million by investors, but this was before its product was universally criticized in the US trade press. Despite some innovative and ingenious ideas, the AI Pin’s software was deemed immature and inconsistent, and the hardware exhibited battery life and overheating issues. Humane has promised to fix some of these bugs with firmware updates. The list of potential buyers for Humane seems rather small, considering the price the startup hopes to achieve. Amazon, Apple, Google, Meta and Microsoft are all making significant advances in artificial intelligence, with language models and generative AI becoming increasingly popular, but it’s unclear how much value Humane’s intellectual property could actually add to their business.
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