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Life insurance company Meanwhile has just concluded two seed rounds, netting $19 million in funding to expand its operations in the United States. This brings the firm’s total valuation to $100 million.
Meanwhile harnesses systems powered by artificial intelligence to offer and streamline the application process for life insurance policies denominated in Bitcoin. This allows policyholders to utilize their Bitcoin holdings as an active asset that can be paid to their surviving loved ones when they are deceased.
Meanwhile Nets $19M in Funding
OpenAI CEO Sam Altman and former Stripe Issuing executive Lachy Groom led the first funding round. The second round was led by Google-owned venture capital, Gradient Ventures. Other companies that partook in the funding included Muoro Capital (Santander), MS&AD Insurance Group’s venture arm, 6th Man Ventures, and Hudson Structured Capital Management.
With the latest funding, Meanwhile seeks to employ a development team for its product. The company also aims to gain the attention of a large audience in the U.S.
Believing in the company’s mission to onboard Bitcoiners to its life insurance policy, Meanwhile’s CEO and co-founder Zac Townsend said:
“It makes perfect sense for long-term holders of BTC to invest in life insurance denominated in that asset and to enable a percentage of their BTC holdings to become active.”
AI Gaining Traction
As Meanwhile is utilizing AI tools to perform underwriting, claims, and other operations, it gives evidence of the several advantages linked to AI. OpenAI CEO Sam Altman had previously raised $115 million for his AI-focused cryptocurrency project, Worldcoin. The project aims to create an iris-scanning device called the Orb to match digital identities stored on the blockchain to individuals.
Meanwhile, countries like El Salvador are taking the first steps to embrace AI and its growth. Last month, the El Salvador government signed a law that eliminates taxation on technological innovations, including AI.
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