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Worldcoin raising $100M for biometric crypto, Advance.AI parent company considers fundraise

Categories Biometrics News  |  Trade Notes
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.

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