Science & Technology

Crypto Startup Co-Founded by Sam Altman Raises $115 Million

The startup Tools for Humanity, which operates in the field of cryptocurrencies, has raised investment funds in order to implement a project to provide a digital identity card to every inhabitant of the Earth.

Crypto Startup Co-Founded by Sam Altman Raises $115 Million

The co-founder of this company is the chief executive Officer of OpenAI, Sam Altman. The startup last Thursday, May 25, announced that the amount of attracted investment funds is $115 million.

The company is focused on the successful implementation of the plan to create a system of identifiers for each person, including through eye scanning. The device with which the identification process is carried out in a small ball that reads the iris. This tool creates a unique digital identity based on the blockchain.

The financing round of series C, during which the startup managed to attract investment funds, was led by Blockchain Capital. The crypto team of Andreessen Horowitz, Bain Capital Crypto, and Distributed Global also took part in this process.

Alex Blania, co-founder and CEO of Tools for Humanity, did not provide any information in response to a media question about the current value of the startup. He said that the attracted funding will be used to expand the product and hire new employees. Currently, the number of workers of the startup is 150 people.

Alex Blania says about toi that the funding round indicates the seriousness of the enterprise. He noted that three years ago, others were skeptical and with a significant degree of irony perceived the intentions of the startup and called its goals the result of too deep immersion in the world of science fiction books. Now, according to the CEO of the startup, people evaluate the company’s business plan as a realistic development scenario.

Alex Blania says that the identification system offered by his company is of particular importance in a world where a high level of integration of artificial intelligence into the space of general being blurs the boundaries of humans and machines in the Internet environment. He also noted that the goal-setting of his startup is a clear example of an organic combination of the crypto industry and the AI sphere.

Alex Blania stated that the firm’s initial motivation was to explore options for creating infrastructure in a world where the power of artificial intelligence is growing.

Financing of startups operating either within the boundaries of the crypto industry or including in this area is noticeably decreasing. In the context of this state of affairs, Tools for Humanity is a positive exception to the general trend.

Alex Blania stressed that blockchain technology ensures that the Worldcoin project, which has a token of the same name, is decentralized in nature. He also noted that this token can be useful in the distribution of universal basic income since it combines an economic level with an identification system.

The history of the Worldcoin project is fraught with certain failures. Last year, the startup had to suspend operations in more than five countries due to logistics problems and privacy concerns.

As we have reported earlier, Sastrify Raises $32 Million to Tackle SaaS Sprawl.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.