Footwear company Allbirds (BIRD) has rebranded as Smartbird and pivoted to become an AI infrastructure provider. The company sold its shoe brand and assets to American Exchange Group to facilitate the transition.
Former Amazon Web Services executive Nadia Carlsten will lead the company as the new President and CEO. Smartbird will focus on offering managed private AI cloud solutions and GPU-as-a-Service to middle-market enterprises.
The company expanded a convertible financing agreement to $100 million to fund the acquisition of high-performance GPUs. Shares of BIRD jumped over 20% following the announcement.