Tech giant HP has signed a definitive agreement for the acquisition of assets from Humane, the creator of wearable Ai Pin, for $116m.
The acquisition includes Humane’s AI-powered platform, Cosmos, and intellectual property along with a majority of Humane’s employees.
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With the deal closing, a team of engineers, architects, and product developers from Humane will joining HP’s Technology and Innovation Organisation.
They will establish HP IQ, a new AI research lab aimed at integrating artificial intelligence across HP’s products and services to support future workplace technologies.
The company noted that the deal is anticipated to close at the end of February 2025.
HP Technology and Innovation president Tuan Tran said: “This investment will rapidly accelerate our ability to develop a new generation of devices that seamlessly orchestrate AI requests both locally and in the cloud.”
“Humane’s AI platform Cosmos, backed by an incredible group of engineers, will help us create an intelligent ecosystem across all HP devices from AI PCs to smart printers and connected conference rooms. This will unlock new levels of functionality for our customers and deliver on the promises of AI.”
The acquisition excludes the Ai Pin device business, which will be wound down, Bloomberg reported, citing an HP spokesperson as saying.
Humane, founded by former Apple directors Chaudhri and Bongiorno, launched the Ai Pin in April 2024.
The device, designed to replace smartphones, faced negative reviews and technical issues, including a fire risk.
Humane had raised over $230m from investors such as Salesforce CEO Marc Benioff.
Issuing an update to Ai Pin customers, Humane said it had stopped selling the Ai Pin, and existing devices would no longer connect to the company’s servers after noon on 28 February 2025.
The company had been seeking a buyer for its business since May 2024, initially aiming for a price between $750m and $1bn.
Humane had recently shifted focus from hardware to software, rebranding around Cosmos, an AI operating system for various devices, the news publication added.
Humane co-founders Bethany Bongiorno and Imran Chaudhri said: “We’re excited to join HP at such a pivotal moment in the industry and help shape the future of intelligent experiences.”
“HP’s scale, global reach, and operational excellence—combined with our design-led approach, integration technology, and engineering expertise—will redefine workforce productivity.”
