The founder of a pandemic-era unicorn that crashed from an $8 billion valuation to a fire sale has resurfaced with a mysterious AI gadget startup. Johnny Boufarhat, who built Hopin into a virtual events powerhouse during the remote work boom, saw his creation collapse within two years. Now he's betting on hardware with Sedona, a stealthy new company that could either mark a stunning comeback or another costly lesson.
Hopin was the darling of 2020 and 2021. Founded by Boufarhat in 2019, the platform enabled large-scale online conferences when the world was locked down. Investors poured in — Tiger Global, Accel, and others — valuing the company at $8 billion by mid-2021. Boufarhat became a young billionaire on paper, and Hopin seemed unstoppable. But as vaccines rolled out and in-person events returned, growth evaporated. The company slashed staff, pivoted, and burned through cash. By early 2023, Hopin was sold for parts. RingCentral acquired its core events business for a reported $15 million, while other assets went for even less. The $8 billion unicorn was worth pennies on the dollar.
Boufarhat stayed quiet for a time. Now he's back with Sedona, described as an AI device startup. Details are scarce — no product name, no launch date. Sources close to the company say Sedona is building a consumer-facing gadget that uses generative AI for everyday tasks, entering a crowded field dominated by the likes of Rabbit's R1 and Humane's AI Pin. The space has already seen skepticism: Humane's device launched to mixed reviews, and Rabbit faced controversy. Boufarhat's challenge is immense. He must differentiate Sedona in a market where even deep-pocketed players struggle. He also carries the baggage of Hopin's failure, though that may give him valuable scars.
The broader narrative is one of tech's boom-bust cycle. Hopin was a classic example of timing — riding a wave that receded as fast as it rose. Boufarhat's ability to raise huge sums again for Sedona remains unconfirmed, but his track record may attract initial interest. Industry observers note that AI hardware is capital-intensive, requiring manufacturing, supply chains, and retail distribution. Boufarhat has no background in hardware; his expertise is software and events. Yet his resilience is notable. In an interview earlier this year, he said he learned 'to build something that endures, not just something that captures the moment.' Sedona will test that lesson.
What happens next depends on a product unveiling. Rumors suggest a late 2026 launch. If Sedona delivers a genuinely useful AI companion at the right price point, Boufarhat could redeem his narrative. If it flops, he risks becoming a one-hit wonder who crashed twice. The tech world is watching, not just for Sedona's specs, but for whether the founder of a fallen unicorn can defy the odds and build something that lasts.
Business
→ Neutral
Pandemic Darling Hopin Was Sold For Scraps. Now Its Founder Is Working On An AI Device
Johnny Boufarhat’s virtual events startup Hopin soared to a $8 billion in 2021 but the business was sold for parts just two years later. He’s back with a new AI gadget startup Sedona
Iain Martin, Forbes Staff
Forbes
3 min read
6/10
Key Takeaways
- Hopin reached a peak private valuation of $8 billion in mid-2021, then sold for approximately $15 million to RingCentral in early 2023.
- Founder Johnny Boufarhat was 26 when he founded Hopin in 2019; he became a billionaire on paper within two years.
- Sedona is Boufarhat's new startup, reportedly developing an AI-powered consumer gadget; no specific product details have been disclosed as of mid-2026.
- The AI hardware market is already competitive, with devices like Rabbit R1 and Humane AI Pin facing lukewarm reception and operational challenges.
- Boufarhat has previously stated that Hopin's collapse taught him to prioritize sustainability over rapid growth, a mantra he plans to apply to Sedona.
Frequently Asked Questions
Hopin was a virtual events platform that reached an $8 billion valuation in 2021 during the pandemic. As in-person events returned, its growth stalled. The company sold its core business to RingCentral for about $15 million in 2023, a fraction of its peak value.
Hopin's failure was largely a timing issue. The company exploded in value because of remote work needs during COVID-19. Once vaccines rolled out and events resumed in person, demand for virtual platforms dropped sharply. Hopin also spent heavily on expansion and acquisitions, burning cash as revenue declined.
Johnny Boufarhat is the founder of Hopin and now Sedona. He founded Hopin in 2019 at age 26 and became a billionaire on paper within two years. After Hopin's collapse, he launched a new AI hardware startup called Sedona, which remains in stealth mode.
Sedona is a stealth startup founded by Johnny Boufarhat that is developing an AI-powered consumer device. Few details are public, but the company is reportedly building a gadget that uses generative AI for everyday tasks, entering the competitive AI hardware space.
Sedona's outlook depends on its product differentiation and execution. The AI hardware market is crowded and has seen mixed results from devices like Humane AI Pin and Rabbit R1. Boufarhat's past failure may attract initial attention, but he must prove he can build a sustainable hardware business.
Original source
www.forbes.com
Discussion
Join the discussion
Sign in to post a comment or reply.
No comments yet. Be the first to share your thoughts!