After selling his shoe business, Allbirds goes to AI

After selling his shoes and goods last month $39 millionAllbirds is going AI. Of course, the company is also changing its name, since the shoe brand “Allbirds” was part of the product. Launch: NewBird AI, a “fully integrated GPU-as-a-Service and cloud AI solutions provider,” the company. he announced through its relationship with the investor place on the third.

The rebranded AI company also announced a $50 million round of funding from an undisclosed investor as part of its funding round.

It’s funny that Allbirds is becoming an AI company – not because it’s unusual for companies to pivot, but because of the scale of this pivot. A shoemaker once dreamed of by the Silicon Valley tech set it will now be the provider of GPUs. It’s absurd – and scary – but you can see how the business arrived at this idea. After selling the stock and brand, Allbirds can keep the shell of the public company (it was traded on the Nasdaq under the symbol “TIKAMA”) and use it again to work on the hot field of AI.

This recalls the time of 2017 when a The Long Island Iced Tea Company has gone blockchainwhich caused the stock to jump 275% after the revision. That pivot didn’t come out, like The Nasdaq Stock Exchange delisted the stock a year after Bitcoin fever subsided.

Allbirds-turned-NewBird may be hoping for some results.

The company says that the money and the sale of the property are still approved by the owners, and the meeting is scheduled to take place on May 18. If the sale goes through, the owners will receive a third part. The new owner of the Allbirds brand and product, American Exchange Group, will continue to develop products for Allbirds customers.

Meanwhile, NewBird AI plans to use the new funding to acquire GPU assets, which it will provide to customers who want to compute AI. In the long term, the company hopes to expand its service offering through partnerships and strategic mergers and acquisitions – if opportunities arise.