Allbirds secures $50M to transform into AI infrastructure leader
AP News
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Allbirds, the eco-friendly shoe brand that was once a Wall Street darling and found its way onto the feet of tech CEOs and movie stars, is pivoting to artificial intelligence.
On Wednesday the San Francisco-based company said it had signed a definitive agreement with an unnamed institutional investor for $50 million in financing to shift its business to AI infrastructure.
It will also have a new name: NewBird AI. It plans to use the proceeds to purchase graphics processing units, known as GPUs.
The transaction is expected to close in the second quarter of this year.
- Allbirds soars after sneaker firm rebrands as AI stock The Straits Times —
- Allbirds shares soar after pivot from footwear to AI BBC News —
- Once regarded as Silicon Valley's favourite shoe brand, Allbirds now says it's an AI company and Wall Street can't stop smiling as stock jumps 876% in one day Times Of India —
- Shares in Allbirds surge after maker of wool sneakers announces pivot to AI The Guardian —
- Sneaker company Allbirds to become AI business CBS News —