Worldcoin raising $100M for biometric crypto, Advance.AI parent company considers fundraise
Iris biometric-based cryptocurrency Worldcoin is reportedly set to raise $100 million through the sale of its tokens, while Advance.AI’s parent company Advance Intelligence Group is in preliminary talks with financers to raise $300 million.
Cryptocurrency secured with iris biometrics valued at $3B
Worldcoin is selling cryptocurrency tokens to investors for $100 million, which would value the total pool of tokens at $3 billion, according to The Information.
The tech news site reports that venture capital firms Andreessen Horowitz, a previous backer, and Khosla Ventures are planned as investors in the $100 million fundraising. In October 2021, Worldcoin was valued at $1 billion after substantial investments from Andreessen Horowitz, Coinbase, and LinkedIn co-Founder Reid Hoffman.
Alex Blania, co-founder and CEO of Worldcoin, is quoted as saying that the decision is the result of “very aggressive testing” for the start-up, which increased the size of its employees from 10 to 100 in 2021, and has collected iris biometrics from about 500,000 people so far.
“You’re still talking to a Series A company, not an Uber,” says Blania. “Things are not perfect.”
Advance.AI parent company mulls $300M funding round
Advance Intelligence Group, the umbrella for a range of AI-driven businesses in digital identity and banking, is considering a $300 million fundraising round, according to Bloomberg.
The Singapore startup is in preliminary talks that may not continue, according to sources cited by the news agency.
Advance Intelligence includes Advance.AI, a biometric fraud prevention provider. No figure was provided for how much of the prospective $300 million funding would be allocated to Advance.AI.
Advance Intelligence raised over $400 million in series D round financing led by SoftBank Vision Fund 2 in 2021, and in September 2021, its biometrics subsidiary raised $200 million at a valuation of a billion dollars, granting it unicorn status.