New York, Wednesday, August 28, 2024– PIP Labs, the developer behind Story Protocol, has secured $80 million in a Series B funding round led by a16z Crypto. The funding aims to advance Story Protocol, a blockchain platform designed to protect and monetize creators’ intellectual property in the evolving digital landscape.
The round also saw participation from notable investors, including Polychain Capital, Stability AI Vice President Scott Trowbridge, K11 Founder Adrian Cheng, and digital art collector Cozomo de’ Medici. According to sources cited by Bloomberg, the latest funding brings PIP Labs’ valuation to $2.25 billion.
Story Protocol seeks to ensure that original content creators are compensated, regardless of how their work is used or distributed. The platform also aims to standardize and streamline the licensing process, encouraging broader sharing and collaboration among creators.
In a statement, PIP Labs highlighted the importance of protecting creators in the age of generative AI, which increasingly creates content without crediting original sources.
With this latest funding, PIP Labs’ total capital raised now stands at $140 million, positioning the company to further develop its infrastructure for creative and AI-driven collaborations.s
