Humane, the creator of the $700 Ai Pin, is reportedly seeking a buyer

Humane, known for its $700 Ai Pin, is reportedly looking for a buyer, with a valuation between $750 million and $1 billion. The company, which had previously raised $230 million from notable investors, launched the Ai Pin with mixed reviews, citing issues like high price, battery life, and overheating problems. Despite its innovative features, the wearable has struggled to compete in the market, leading to speculation about its future viability.

Humane, the company that developed the Ai Pin wearable device, is actively seeking a buyer due to several challenges it has faced since the product's launch. The Ai Pin, which was highly anticipated and backed by significant investment, received overwhelmingly negative reviews upon its release. Critics pointed out numerous issues including poor battery life, overheating, and a high price point of $700 plus a $24 monthly subscription fee. These factors contributed to its poor reception in the market, making it difficult for the device to compete with other smart gadgets that are more affordable and established.

Additionally, the Ai Pin has been criticized for not offering significantly more functionality than what is already available on smartphones, which further diminished its appeal to consumers. The departure of key personnel, such as the CTO Patrick Gates, along with layoffs affecting 4% of Humane's workforce, have likely compounded the company's difficulties. Given these setbacks, Humane's decision to seek a buyer reflects its need to salvage value from its investments and possibly pivot its business strategy in the face of unsustainable market challenges. The company's valuation aspirations, ranging from $750 million to $1 billion, indicate it hopes to attract a major player in the tech industry who could leverage Humane's technology and intellectual property, despite the Ai Pin's market failure3.