Allbirds, the eco-friendly shoe brand that found its way onto the feet of tech CEOs and movie stars before falling on hard times, 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 during the second quarter of this year.
