"After selling its shoe brand and assets last month for $39 million, Allbirds is pivoting to AI, rebranding as NewBird AI, a fully integrated GPU-as-a-Service and AI-native cloud solutions provider."
"The company announced a $50 million investment from an undisclosed institutional investor in the form of a convertible financing facility, aiming to acquire GPU assets for AI compute capacity."
"This pivot is somewhat absurd and risky, as Allbirds transitions from a popular footwear brand to a provider of GPUs, hoping for a better outcome than previous similar ventures."
Allbirds has transitioned to NewBird AI, a GPU-as-a-Service and AI-native cloud solutions provider, following the sale of its shoe brand for $39 million. The company secured a $50 million investment from an undisclosed institutional investor. This pivot is significant, as Allbirds shifts from a footwear brand to a technology provider. The financing and asset sale require stockholder approval, with a meeting scheduled for May 18. NewBird AI aims to acquire GPU assets to offer AI compute capacity to customers.
Read at TechCrunch
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