PIP Labs, a Palo Alto-based startup, has secured an $80 million Series B funding round to propel its innovative blockchain project, Story Protocol. The round was co-led by a16z Crypto and Polychain Capital, with significant contributions from other investors, including Samsung Next and Hashed. This latest infusion of capital brings PIP Labs’ total funding to $140 million, with a reported valuation now reaching $2.25 billion.
Story Protocol is a groundbreaking layer-1 blockchain designed to give creators unprecedented control over their intellectual property (IP). By leveraging blockchain technology, Story Protocol allows creators to tokenize their IP, effectively registering ownership on the blockchain and setting enforceable rules for how their work can be used, shared, or modified. This system empowers creators to maintain sovereignty over their creations, especially in the rapidly evolving landscape of artificial intelligence.
The protocol’s creators argue that IP is crucial for AI development, as it serves as the foundational data on which large models are trained. Story Protocol aims to ensure that creators are fairly compensated when their IP is used in AI training, addressing the issue of unauthorized data usage.
PIP Labs’ technology is already gaining traction, with over 200 teams and more than 20 million IP assets onboarded across sectors like IP finance and consumer markets. The surge in interest reflects the broader momentum in Web3 fundraising, which saw a 72.9% increase in deal volume in July alone, driven by significant investments from major venture firms.
PIP Labs is poised to play a pivotal role in reshaping the future of IP management in the digital age.