"Allbirds announced that it has secured a $50 million convertible finance facility to help power this unexpected pivot to AI compute infrastructure."
"Just weeks ago, Allbirds announced the $39 million sale of the 'Allbirds brand and footwear assets' to American Exchange Group, owner of Aerosoles, Ecko Unlimited, and other fashion brands."
"In an SEC filing accompanying the announcement, Allbirds notes that it is still investigating potential opportunities in the computing infrastructure market, including the acquisition and monetization of graphics processing units."
Allbirds is shifting its focus from sustainable shoes to becoming a GPU-as-a-Service and AI-native cloud solutions provider, rebranding as NewBird AI. The company secured a $50 million convertible finance facility to support this transition. Recently, Allbirds sold its brand and footwear assets for $39 million, raising questions about the timing of this pivot. An SEC filing indicates the company is exploring opportunities in the computing infrastructure market, suggesting a reactive rather than strategic approach to entering the AI sector.
Read at Ars Technica
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