Humane Shuts Down AI Pin, Will Sell Startup to HP for $116 Million
In a surprising move, AI startup Humane has announced that it is selling a significant portion of its business to HP for a whopping $116 million. The deal includes Humane’s AI-powered platform Cosmos, its technical talent, and intellectual property. However, the startup’s AI Pin business won’t be part of the deal and will be shut down altogether.
AI Pin, which was launched in 2020, was a unique product that allowed users to create custom AI-powered digital pins that could be used to store and share data. The product gained significant attention and praise, with many comparing it to the futuristic technology depicted in the Star Trek franchise.
However, in a support document, Humane announced that AI Pins would “no longer connect to Humane’s servers” after February 28. This means that users who have created AI Pins will no longer be able to access or use them after the specified date.
The reason behind Humane’s decision to shut down AI Pin is not explicitly stated in the support document. However, it’s possible that the startup realized that the product was not as successful as it had hoped, and that the resources required to maintain and update AI Pin were better spent on other areas of the business.
The deal with HP, on the other hand, is a significant one for Humane. The startup was founded in 2018 with the goal of making AI more accessible and user-friendly. Its AI-powered platform Cosmos allows users to build and deploy AI models without requiring extensive technical expertise.
HP, which is a well-established technology company, is acquiring Humane’s Cosmos platform and technical talent to expand its own AI capabilities. The acquisition is expected to strengthen HP’s presence in the AI market and provide customers with more advanced AI solutions.
The acquisition is also a significant win for Humane, which will receive $116 million in cash as part of the deal. This is a significant return on investment for the startup, which has received funding from several prominent investors in the past.
In a statement, Humane’s CEO said, “We are thrilled to announce this agreement with HP, which will enable us to take our AI technology to the next level. We believe that HP’s commitment to innovation and customer satisfaction aligns perfectly with our own values, and we are excited to join forces and create something truly remarkable.”
The acquisition is expected to be completed in the coming months, pending regulatory approval. Until then, users who have created AI Pins will be able to continue using them, but will no longer be able to access or update them after February 28.
In conclusion, the shutdown of AI Pin and the sale of Humane to HP is a significant development in the AI industry. While AI Pin was a unique and innovative product, it appears that Humane has decided to focus its resources on other areas of the business. The acquisition of Humane’s Cosmos platform and technical talent by HP, on the other hand, is a significant win for both parties, and is expected to have a significant impact on the AI market in the coming years.
