Humane Inc., the well-funded developer of the Ai Pin artificial intelligence wearable, is reportedly seeking a buyer.

Bloomberg reported late Wednesday that the company is hoping for a sale price of $750 million to $1 billion. The high end of the range is $150 million above the valuation Humane is believed to have received last year. The hardware maker previously raised about $230 million from Qualcomm Inc.’s venture capital arm, SoftBank Group Corp. and other investors.

Humane is the developer of the Ai Pin, a high-tech brooch positioned as a smartphone substitute. The wearer interacts with the device using voice commands. Instead of a screen, the Ai Pin features a miniature laser projector that can display information such as the time of day on the user’s hand.

The device’s name is a nod to the fact it relies on a set of cloud-hosted AI models to power many of its features. The models can search the web for information, take notes and process images from the Ai Pin’s built-in camera. It’s reportedly possible to stand in front of a restaurant and ask the device to surface relevant reviews.

Under the hood, the Ai Pin features a Snapdragon 720G processor from Humane investor Qualcomm. It’s a system-on-chip that combines a 2.3-gigahertz central processing unit with a graphics processing unit originally designed for midrange smartphones. A built-in wireless networking module facilitates 4G and Wi-Fi connections.

After a two-month launch delay, the Ai Pin became available last month for $699. Connecting the device to the cloud-based AI models that power many of its features also requires purchasing a 4G data plan for $24 a month. The device arrives with two battery boosters, a charging case and a desk charger included in the box. 

The Ai Pin launched last month to decidedly mixed reviews. Early users took issue with the device’s battery life, limited feature set and the fact that it takes a few seconds to answer some questions. In a late April blog post, Humane announced plans to roll out a software update that will address several of the issues raised by customers.

According to Bloomberg, the company has hired a financial adviser to help it find a buyer. It’s believed that the sale process is in an early stage and it may not lead to an acquisition. That Humane is reportedly seeking a sale price of up to $1 billion may limit the pool of potential buyers to a few large tech industry players. 

Although reviewers took issue with the reliability of the Ai Pin’s software features, its hardware design was met witha  positive reception. Humane’s device engineering know-how may make it an appealing acquisition target for a tech firm with a presence in the wearables market.

Photo: Humane