Humanity Protocol raises $30M to rival Worldcoin

Humanity Protocola startup that designs decentralized digital identities based on a scan of palm prints to combat deepfakeshas collected 30 million dollars at a valuation of 1 billion dollars.

On Wednesday, Humanity Protocol announced that it had closed a $30 million financing round led by Kingsway Capital, giving the company unicorn status at a valuation of just under $1 billion.

Founded in 2023, Humanity Protocol combines blockchain and biometric technologies, positioning itself as a rival to Worldcoin, the decentralized identity project launched by OpenAI co-founder Sam Altman.

The startup is building a digital identity system based on its own layer 2 ZK proofs network and powered by a mechanism called “Proof of Humanity”. Resistant to Sybil, the latter will use palmprint scans – palm prints – taken by users with their smartphones.

More generally, Humanity Protocol’s mission is to verify people’s online identity in the age of artificial intelligence-driven deepfakes.

The world needs a truly sovereign identity framework, based on the first principles of inclusivity, privacy and decentralization. Proof of Humanity is a powerful concept, but the solutions that exist today have not been adopted because integration is invasive and generates a lot of friction. Proof of Humanity solves this problem,” proclaimed Terence Kwok, founder of Humanity Protocol.

The startup’s fundraising also includes participation from Polygon, Animoca Brands, Blockchain.com and Shima Capital, according to a press release. The fresh capital will be used to recruit new talent and find new partners.

Excited to announce our latest funding round led by Kingsway Capital! We’re incredibly grateful for our key supporters from @animocabrands, @0xPolygon, @blockchain, @IDG_Blockchain. Your belief in our vision is driving us forward!

Read more: https://t.co/GcWrV4GQhE pic.twitter.com/5s7Moibkyd

– Humanity Protocol 🖐️ (@Humanityprot) May 15, 2024

Humanity Protocol now plans to launch its public test network in the second half of 2024. More than 500,000 people have already signed up to the project’s waiting list, according to the announcement.

“In the world of AI, as Sybil attacks continue to damage our online experiences, we are delighted to support industry leaders, including Terence Kwok and Yat Siu, in creating a solution that will preserve the integrity of our online interactions. Thanks to their expertise and our investment, we are confident that this initiative will pave the way for a more secure and resilient technological world for all”, commented Manuel Stotz of Kingsway Capital.

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