Meta Acquires Limitless For Wearables

Meta buying Limitless shows that memory capture was more valuable as a feature inside a bigger wearable platform than as a standalone company. Limitless had raised on the idea that a dedicated device could record meetings and conversations, then turn them into searchable notes, but revenue stayed small, at about $2M by April 2025, while Meta folded the team into Reality Labs and shut down new hardware sales for use in glasses based AI wearables.

• Limitless started as Rewind, a desktop tool that recorded screen and audio, then rebranded in April 2024 into a $99 pendant focused on meetings. That pivot moved it from software memory search into hardware, where manufacturing, consent, and daily wearability all became part of the product challenge.
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• The scale gap was severe. Limitless was at $2.2M ARR in May 2024, with only about $100K of ARR tied to the new Limitless app and $1.3M from pendant sales, versus Gong at roughly $285M ARR in 2023 and later estimated at $298M in 2024. Meeting capture alone had already become a feature rich market.
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• The broader pendant category also broke down. Humane sold to HP at a deep markdown, Friend shifted away from hardware, and Plaud emerged as the main independent hardware notetaker by focusing on in person workflows like doctors, lawyers, plumbers, and field sales, where Zoom based software cannot hear the conversation.
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From here, AI memory products are likely to split in two. Big platforms like Meta will embed passive capture into glasses, earbuds, phones, and watches, while independents that survive will focus on narrow jobs in the physical world where dedicated recording hardware still solves a clear workflow problem.