Allbirds Abandons Shoes for AI: $50M Funding Fuels Tech Pivot
Allbirds, the sustainable footwear brand, has made a surprising shift from wool sneakers to AI technology, rebranding as NewBird AI after securing a $50M convertible financing facility.
In a bold move that has caught the industry by surprise, Allbirds has announced a major pivot away from its signature wool sneakers and into the realm of artificial intelligence (AI). The company has officially rebranded itself as NewBird AI and secured a $50 million convertible financing facility to fuel its transformation into a technology powerhouse.
The decision to pivot from footwear to AI comes on the heels of Allbirds' recent sale of its shoe business to a private equity firm. CEO Joey Zwillinger explained that the company saw an opportunity to leverage its expertise in sustainability and innovation to tackle the rapidly evolving AI sector.
Source: TechCrunch
