With artificial intelligence (AI) continuously making its way to the frontier of the tech ecosystem, several companies are emerging. One of them, Tools for Humanity, founded by OpenAI’s CEO Sam Altman, has just concluded a $115 million Series C funding. The firm intends to use the funds to finance its crypto project Worldcoin.
$115M to Develop Worldcoin
The funding round was led by venture capital Blockchain Capital. Other firms that partook in the funding round included a16z, Bain Capital Crypto, and Distributed Global. In previous funding, entities like Khosla Ventures, infamous FTX founder Sam Bankman-Fried, and internet entrepreneur Reid Hoffman joined the round.
The funds will help to develop the World app, a dedicated crypto wallet for the Worldcoin ecosystem. The funds will also be used to increase the tech startup’s staff from its current 150 headcount. This employment initiative is much needed as several firms reduce their workforce, and AI continues to rid people of their jobs.
What Is Worldcoin?
Worldcoin is a cryptocurrency project developing individual IDs for users by utilizing iris scanning technology. The biometric scanning device, a small Orb, captures the unique patterns of a user’s irises. The data will then be matched with unique digital identities stored on a blockchain network.
The team believes that the innovation will help in revolutionizing various aspects of life, such as identity verification, access to services, and participation in the digital economy. Since its inception in 2019, the project has garnered nearly two million users.
Tools for Humanity co-founder and CEO Alex Blania echoed the project’s mission when he said:
“As we embark on the age of AI, it is imperative that individuals are able to maintain personal privacy while proving their humanness. In doing so we can help ensure that everyone can realize the financial benefits that AI is poised to deliver.”
Meanwhile, skeptics have hauled Worldcoin, questioning its privacy and data storage.
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