Amazon (AMZN) has acquired Bee, a San Francisco-based startup known for its AI wearable device that listens and summarizes users’ daily lives. The deal strengthens Amazon’s push into personal AI gadgets, building on its progress with smart home and voice technology. The news came ahead of the tech giant’s Q2 earnings release, due on July 31.
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Bee’s flagship product is a compact, always-on wearable designed to be worn on the wrist or clipped on. It uses AI to convert speech to text, allowing it to discreetly listen to conversations, summarize interactions, manage tasks, and deliver timely reminders and insights to users.
The startup raised $7 million earlier this year and began selling its wristband for $49, with a $19 per month subscription for advanced features.
Amazon Taps Bee to Boost AI Wearables
AMZN confirmed that Bee’s team will join its Devices & Services division, led by Panos Panay, to speed up development of AI wearables and personal assistant features. The deal fits Amazon’s plan to bring generative AI into everyday tech, adding to its Alexa ecosystem and smart devices like glasses and fitness trackers.
By using Bee’s tech, Amazon could build a smarter assistant that will not just respond to voice commands, but will learn from the user’s daily conversations, routines, and locations to offer helpful suggestions, reminders, or summaries automatically.
The financial terms of the deal have not been disclosed. However, the acquisition is expected to bolster Amazon’s presence in the growing wearable AI market.
AMZN to Report Q2 Earnings on July 31
The positive development comes as Amazon prepares to report its second-quarter earnings on July 31.
Currently, analysts expect AMZN to post revenue of $162.09 billion in Q2, up from $147.98 billion in the year-ago quarter. Further, the company is expected to report earnings of $1.32 per share, compared with earnings of $1.26 in the prior-year quarter.
Is Amazon a Buy, Hold, or Sell?
Turning to Wall Street, AMZN stock has a Strong Buy consensus rating based on 43 Buys and one Hold assigned in the last three months. At $253.45, the average Amazon price target implies an 11.53% upside potential.
