Tools for Humanity to Cut Some Roles as Part of Strategy Shift
The iris-scanning startup said it will adjust staffing levels after an internal review. The company has raised hundreds of millions of dollars and reached a $2.5 billion valuation but has not detailed a revenue plan for its Orb device.
livemint.comTools for Humanity is reducing staff in selected roles and teams, the company stated in an email sent to employees on Monday. The email said the changes follow a review of strategy and operating priorities. A follow-up town hall is scheduled for Tuesday to outline next steps. The company has not disclosed how many positions are affected. Its website lists more than 500 employees.
Humanity developed the Orb, a device that scans irises to create digital IDs intended to distinguish humans from automated accounts. Participants receive tokens of the associated cryptocurrency Worldcoin. The startup has attracted investment from Andreessen Horowitz, Bain Capital, and Khosla Ventures, according to PitchBook data cited in the report.
It reached a $2.5 billion valuation while signing up millions of users. The company did not respond to a request for comment by the time of publication.
