Layer 1 blockchain Story secures $80 million in Series B funding led by a16z

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PIP Labs, the software company behind Story Protocol, a Tier 1 blockchain designed for intellectual property management, announced Wednesday that it has secured $80 million in a Series B funding round led by a16z, with participation from Polychain. The round values ​​PIP Labs at $2.25 billion and increases Story’s total capitalization to $140 million.

Story was developed with a mission to transform the way intellectual property (IP) is managed in the digital age by making it programmable. The company said it seeks to tokenize the $2 trillion IP asset class by turning it into “IP Legos,” a framework for programmable, on-chain IP assets.

The protocol aims to solve the problem of big tech taking advantage of creators’ content without fair compensation, said Seung Yoon Lee, co-founder and CEO of PIP Labs. The goal is to empower creators, unlock new monetization opportunities, and foster a more collaborative and equitable digital ecosystem.

“Big tech is stealing IP without consent and capturing all the profit,” Lee said. “First, they will gobble up your IP for their AI models without any compensation back. They will then hijack your future economy by absorbing all your potential traffic.

“Story will ensure a sustainable and thriving path for internet creativity that benefits both creators and AI, without intermediaries,” he noted.

According to Lee, the platform allows creators to create communities of fans who can remix, distribute and sell their IP. Creators can claim ownership and set terms of use for their IP, unlocking new revenue streams through IP licensing and remixing.

Story is designed to work seamlessly with AI, enabling easier licensing and compensation, the CEO added. Jason Zhao, co-founder and CPO of PIP Labs, described Story as an “IP Legoland” where IP can be easily remixed and composed.

Discussing Story’s potential, Chris Dixon, founder and managing partner at a16z crypto, said that the traditional internet economy is changing due to artificial intelligence, and the Story Protocol provides the tools for a new, fairer model where creators are rewarded for their contributions their. .

“Blockchains are perfectly suited for large-scale economic coordination, and the Story platform ensures that creators are compensated for their IP that powers AI systems,” Dixon said.

Story is gearing up for its main network launch, expected later this year. The development is based on the Cosmos SDK and is compatible with the Ethereum Virtual Machine.

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