Polychain Backs VeryAI’s $10M Palm-Scan ID Platform on Solana
Venture firm Polychain has backed VeryAI in a $10 million funding round to develop a smartphone-based palm-scan identity platform running on Solana. VeryAI says the system helps crypto platforms detect AI-generated or fraudulent accounts while protecting user data through privacy-preserving onchain verification, enabling identity checks without exposing raw biometric data on-chain.
The investment signals growing demand for mitigations against Sybil attacks and bot-driven manipulation across exchanges, marketplaces, and social layers in Web3. For Solana, native adoption of a privacy-focused identity layer could increase real-world utility and transaction activity tied to onboarding and compliance flows, potentially benefiting network use and SOL demand. Industry watchers will be watching how regulators and user adoption shape deployment, since biometric systems must balance fraud prevention with consent and data-protection concerns.