Sam Altman's eye-scanning start-up, Tools for Humanity, is firing workers
What's the story
Tools for Humanity, the iris-scanning start-up co-founded by Sam Altman, has announced layoffs. The decision was revealed in an internal email sent to employees. The company has been struggling to demonstrate how its iris-scanning device "Orb" can generate revenue and win over regulators, despite a valuation of $2.5 billion and millions of sign-ups.
Company statement
What did Tools for Humanity say?
In the email announcing the layoffs, Tools for Humanity said, "As we enter the next step of our company strategy and operating priorities, we have made the hard decision to make changes to some roles and teams across the company." The firm plans to discuss its strategy and next steps in a town hall meeting today. It is not clear how many employees will be affected by these layoffs.
Business model
What does Tools for Humanity do?
Tools for Humanity was founded on the concept of using iris scans to verify human identity, not that of an AI bot. The start-up's Orb, a shiny, volleyball-sized sphere, scans irises to create a digital ID. Participants in this process can earn tokens of Worldcoin, a cryptocurrency provided by the Cayman Islands-based World Foundation.