After sale of its shoe business, Allbirds pivots to AI
After selling its shoe brand and assets last month for $39 million, Allbirds is pivoting to AI. Of course, the company is also changing its name, since the footwear brand “Allbirds” was part of the sale. Introducing: NewBird AI, a “fully integrated GPU-as-a-Service and AI-native cloud solutions provider,” the company announced via its investor relations site on Wednesday. The rebranded AI company also announced a $50 million investment from an undisclosed institutional investor in the form of a convertible financing facility. It’s objectively pretty funny that Allbirds is becoming an AI company — not because it’s unusual for companies to pivot, but because of how extreme this pivot is. The maker of the shoes once craved by the Silicon Valley tech set is now…
