In a world where AI may eliminate work, a universal basic income may become needed and the startup, called Tools for Humanity, could provide this income using a digital currency called Worldcoin.

The company intends to create a digital ID for every human-being by scanning the irises of every individual and storing their ID  on blockchain.

A use for Tools for Humanity’s digital ID would be in telling whether content on the web is generated by a bot or a person – an increasingly useful function in the upcoming age of generative AI.

‘Headquartered in Germany, Tools for Humanity is a global software and hardware development company building the tools to bring blockchain and digital identity technologies and products to billions of people, including by contributing to the development and growth of the Worldcoin ecosystem and other projects,’ says the company website

Andressen Horowitz and Bain Capital participated in the funding round.

Co-founder and CEO Alex Blania (pictured left) said that when they first started talking about the idea “people really made jokes about us, like we read too many sci-fi books”.