The World Foundation, which oversees the World Network, has successfully raised $52.5 million in a locked token sale aimed at enhancing its digital verification systems in response to the challenges posed by artificial intelligence (AI) in online environments.
The initiative is pivoting from basic network expansion to a concentrated effort on integrating biometric screening technologies into enterprise software.
This funding round was led by Pantera Capital, with contributions from Bain Capital Crypto and Eightco Holdings. The funds will be utilized to embed identity verification technology across enterprise platforms and AI systems.
Previously, the World Network raised $135 million in May of last year through a private token sale of its Worldcoin (WLD) token, attracting significant investments from venture capital firms like a16z and Bain Capital Crypto. Currently, WLD is trading at approximately $0.37, with a total market capitalization exceeding $1.3 billion.
Cosmo Jiang, General Partner at Pantera Capital, stated, "The need for Proof of Human is becoming acutely clear with the acceleration of AI development, and we see this in the influx of enterprise traction." The project, which was formerly known as Worldcoin, aspires to become the leading network for authentic human identities, distinguishing real individuals from automated bots. Its protocol employs specialized hardware called an Orb to issue credentials while maintaining user privacy.
Tom Lee, a board member at Eightco Holdings and chairman of Bitmine, remarked, "World’s technology and proof of human and variations are among the most important building blocks to secure and verify interactions in an increasingly digital driven world." This investment reflects the organization's transition from merely constructing the network to expanding its practical applications.
As of now, the World Network has attracted over 39 million users, with more than 18 million verified through the Orb. The network has issued upwards of 475 million World ID proofs since its inception, enhancing its capabilities alongside the deployment of an upgraded, enterprise-ready infrastructure.
In April, the organization introduced what it described as its most significant upgrade to World ID, presenting it as a comprehensive proof of human infrastructure designed for consumers, businesses, and AI agents. This strategic shift occurs amid growing concerns in the tech sector regarding bots, deepfakes, and AI agents mimicking human behavior online, a challenge that the Altman-backed initiative aims to address through expanded efforts in authentication, payments, and online services.