Being AI has announced the closure of Project Treehouse, its artificial intelligence initiative, and the resignation of its chief executive officer, David McDonald, and chief technology officer, Nicolas Fourrier.
The decision to shut down Project Treehouse was made after a strategic review by the board, which concluded that it was in the best interests of shareholders.
The company cited the increasing risks faced by smaller industry participants, such as market monopolisation, reduced competition, and stifled innovation, as major companies like Google introduced their standards and protocols for AI agent marketplaces.
Being AI also said it was unable to raise significant capital for further development.
BAI director, Paul Forno, will serve as the acting chief executive.
The board is now focused on the future of the company, including its management, assets, and remaining entity, Send Global.
Further market announcements are expected.
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