PIP Labs, the developer behind Story Protocol, has secured $80 million in a Series B funding round spearheaded by a16z crypto. The funding will be utilized to advance Story Protocol, a blockchain platform aimed at assisting creators in safeguarding and monetizing their intellectual property in a constantly evolving digital domain.
a16z Leads Series B Funding Round
Other key participants in this funding round include Polychain Capital, Stability AI Vice President Scott Trowbridge, K11 Founder Adrian Cheng, and digital art collector Cozomo de’ Medici. A recent Bloomberg report disclosed that sources familiar with the matter expect the latest funding to elevate the company’s valuation to $2.25 billion.
The primary objective is to ensure that original content creators receive appropriate compensation irrespective of how their creations are utilized or distributed. Additionally, the aim is to streamline the licensing process and establish standardized procedures to facilitate broader sharing and collaboration.
Protecting Creators in the Generative AI Age
Given the escalating use of generative AI to create content without acknowledging original creators, the IP project seeks to counter the challenges posed by the extensive utilization of original sources in training artificial intelligence.
“We envision a future where AI systems and creative individuals can coexist harmoniously. For this vision to materialize, creators need a contemporary method to ensure they are duly compensated for their efforts,” as stated in the announcement.
PIP Labs co-founder and CEO Seung Yoon Lee emphasized, “We are constructing the programmable intellectual property layer for the era of generative AI. Every single IP represents a substantial asset class, encompassing a range of creative outputs such as voice, characters, and music pieces.”
The company's total funding has now reached $140 million following the successful close of this Series B financing round.
