Crypto life-insurance startup Meanwhile raises $19 million in two seed rounds, with Sam Altman among investors

The cryptocurrency life-insurance startup Meanwhile announced the closing of two seed rounds totaling $19 million.

The first was led by OpenAI chief executive Sam Altman, and the second by Gradient Ventures, Google’s AI fund.

According to the press release, Meanwhile is the ‘only’ insurance firm offering fully crypto-denominated products.

The funding will enable the company to obtain a Bermuda regulator license, as well as expand its team and launch its first service — life insurance backed by the first cryptocurrency.

“Bitcoin is on the path to becoming a global store of value and a functional currency. […] If we combine it with artificial intelligence, we see the potential to create a full-stack life-insurance company whose aim is to reach more than a billion people around the world,” said Meanwhile CEO Zak Townsend.

Using the latest blockchain and AI technologies, the company plans to build a “comprehensive insurance system that reduces manual work and promotes transparency”.

After its initial launch, Meanwhile will continue working on expanding the product line, adding new cryptocurrencies and options.

In May, the privacy- and AI-focused blockchain project Auradine raised $81 million in a funding round with participation from Marathon Digital, a mining company.

In the same month, Block founder Jack Dorsey led a $6 million funding round for the cryptocurrency payments company Azteco.

Back in the first quarter of 2023, venture investment in crypto startups across 353 funding rounds totalled $2.6 billion — 11% lower than in the previous reporting period.