Humane Inc., the creator of Ai Pin, a revolutionary screenless wearable powered by artificial intelligence, is reportedly seeking to sell its business for a staggering $750 million to $1 billion.
Back in 2023, Humane was valued at $850 million, but potential buyers may reconsider this valuation due to performance issues that have tarnished the launch product’s futuristic image.
According to inside sources cited by Bloomberg, the company is currently working with a financial advisor to facilitate the sale, although the process is still in its early stages and may not necessarily lead to a deal.
Humane was established in 2018 by Imran Chaudhri and Bethany Bongiorno, both Apple veterans and spouses. The start-up has managed to raise $230 million in funding from various investors, including OpenAI CEO Sam Altman.
Ai Pin, Humane’s flagship product, received unfavorable reviews upon its recent debut. One reviewer, who tested the pin for two weeks, concluded that “Ai Pin is an intriguing concept, but it is severely underdeveloped and plagued with numerous unacceptable flaws.”
Priced at $699, the gadget was initially announced in November and began shipping in early April. Marketed as the future beyond smartphones, Ai Pin is a computer that attaches magnetically to the user’s clothing and projects visuals onto the palm, eliminating the need for a traditional screen.
Among its innovative features are extensive voice command capabilities, real-time translation, object manipulation, gesture recognition, and even the ability to analyze the nutritional content of food held in the user’s hands—a feature that is expected to expand into other applications.
The Ai Pin package includes two battery boosters, a charging pad, a charging case, a cable, and an adapter. It runs on a Snapdragon processor and utilizes OpenAI’s GPT-4 technology to power its artificial intelligence capabilities.
Critics have raised doubts about Humane’s valuation, particularly in light of the negative reception to the Ai Pin. The asking price of $750 million to $1 billion for a “faulty pin” with “incomplete hardware” and “unresponsive software” has come under scrutiny.
Humane has acknowledged the shortcomings and is actively working to improve issues such as battery life, device overheating, accuracy, and response time. Recently, the company upgraded the product’s AI capabilities with the GPT-4o model.
According to Humane, the purpose of the pin is to enhance productivity by enabling hands-free voice commands for making calls, sending texts, and accessing internet information. The San Francisco-based company prides itself on offering a disruptive solution in the early stages of the artificial intelligence hardware market.
Since the public launch of Ai Pin in April, critics have cast doubt on the $750 million to $1 billion price tag, referring to it as a “faulty pin” with “underdeveloped hardware” and “unresponsive software.”
Humane is actively addressing these concerns by making improvements to areas such as battery life, device overheating, accuracy, and response time. In fact, the company recently upgraded the pin’s AI capabilities with the GPT-4o model.
It’s worth noting that the wearable does not allow users to utilize their existing phone numbers, instead providing a unique phone number and cellular coverage through T-Mobile at a monthly subscription cost of $24. Humane also offers wireless connectivity through its own mobile virtual network operator.
Reported by Jeffrey Gogo for Cryptopolitan.
