After sale of its shoe business, Allbirds pivots to AI

After selling its shoe brand and assets last month for $39 million, Allbirds is pivoting to AI. Of course, the company is also changing its name, since the footwear brand “Allbirds” was part of the sale. Introducing: NewBird AI, a “fully integrated GPU-as-a-Service and AI-native cloud solutions provider,” the company announced via its investor relations site on Wednesday. The rebranded AI company also announced a $50 million investment from an undisclosed institutional investor in the form of a convertible financing facility.