One-time shoe company Allbirds has rebranded as Smartbird and appointed a new CEO.

Once valued at $4 billion, the eco-brand fell out of fashion and lost 99 percent of its share price since 2021. In April, the company announced that it would sell the brand for $39m and pivot to AI compute, at the time branding itself NewBird AI.

At the time, shares in the company jumped 582 percent, to a $148m market cap at $17 a share. In the following months, the company's valuation steadily declined, to $3.84 a share.

With the new name and new CEO, shares have jumped yet again, to around $6.58 with significant intraday trading.

The company has appointed Nadia Carlsten to head the company, who most recently was the CEO of the Danish Centre for AI Innovation. There, she led the deployment of the Nvidia supercomputer Gefion.

Carlsten also spent three years at Amazon Web Services, leaving in early 2022. There, she was the head of product for the AWS Center for Quantum Computing.

She has also worked at the US Department of Homeland Security, SandboxAQ, DOE, and UC Berkeley.

"Smartbird is entering the market at a pivotal moment in the evolution of AI infrastructure," said Carlsten.

"AI is rapidly becoming mission-critical for organizations across every industry, yet many organizations lack a practical path to deploy and operate the dedicated infrastructure these workloads require.

"There is a clear opportunity to meet the growing need for enterprise-grade AI infrastructure that delivers control and performance without the capital and operational burden of hardware ownership. With a differentiated strategy, significant capital, and the opportunity to build an exceptional team, we are uniquely positioned to capitalize on one of the most significant infrastructure opportunities of the next decade.”

With the rebrand to Smartbird, the company said that it had increased the size of its convertible financing facility from $50 million to $100 million.