The eyeball-scanning startup founded by ChatGPT creator Sam Altman is reportedly looking for a lead investor to raise up to $120 million.

  • Sam Altman’s Worldcoin is in talks to raise up to $120 million, The Block reports.
  • The Andreessen Horowitz-backed crypto project targets sovereign wealth funds as a lead investor.
  • Worldcoin has been criticized for privacy concerns as a young start-up that collects a lot of personal biometric data.

Worldcoin, the controversial eyeball-scanning startup co-founded by ChatGPT creator Sam Altman, is in talks for a new round of funding.

The project is trying to raise up to $120 million at a $3 billion valuation, The Block reports, citing a source familiar with the matter. The report states that the crypto unicorn is looking for a top investor, including wealthy backers such as the sovereign wealth fund.

According to people familiar with it, the funding round will be structured as a sale of shares plus token warrants.

Founded in 2020, Worldcoin wants to give every living person a cryptocurrency by scanning the iris of every person on earth. This is done to identify users so that the company can fairly distribute its tokens. According to BuzzFeed last April, Worldcoin scanned the eyes of almost half a million people around the world.

Worldcoin’s tactic has drawn criticism over the privacy concerns of a young startup that collects personal biometric data from a large number of people. Worldcoin reportedly had a number of setbacks, including delays in its public launch, suspension of operations in various countries, and many user complaints.

In March 2022, Worldcoin CEO Alex Blania said in an interview with Bloomberg that these hurdles are the result of a new startup that is still in the experimental phase.

“You are still talking to Series A, not Uber,” Blania told the news outlet. “Things aren’t perfect.”

Worldcoin received a Series A boost last year, backed by high-profile investors such as Andreessen Horowitz, Coinbase’s venture capital division and co-founder of LinkedIn.

Worldcoin did not immediately respond to an Insider request for comment.

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