World raises $52.5 million in crypto sale for biometric project

Sam Altman’s biometric identification startup, World, has raised $52.5 million through a private sale of its cryptocurrency tokens. The funding round was led by venture capital firms a16z and Bain Capital Crypto, with participation from Distributed Global and Blockchain Capital. The sale involved World’s native token, WLD, which is used within its ecosystem.

The company, previously known as Worldcoin, operates by scanning individuals’ irises using its orb devices to create a unique digital ID. This system aims to distinguish humans from AI bots online, addressing growing concerns about digital identity verification. The funds will support the expansion of World’s network and the development of its identity infrastructure.

The $52.5 million raise comes as World faces regulatory scrutiny in several countries over its biometric data collection practices. Despite these challenges, the company has onboarded over 10 million users globally since its launch in 2023. The token sale was conducted as a private placement, meaning it was not open to retail investors.

World’s next steps include scaling its orb deployment and integrating its identity system with more third-party applications. The company also plans to use the capital to navigate regulatory hurdles and enhance data privacy measures. This funding round follows a previous $115 million Series C in 2023, bringing World’s total raised to over $300 million.