A16z Backs PIP Labs with $80M Investment, Valuing at $2.25B
Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...
PIP Labs, the developer behind Story Protocol, has raised $80 million in a Series B funding round led by a16z Crypto.
According to an announcement published by a16z Managing Partner Chris Dixon, the funding will be used to further develop Story Protocol, a blockchain platform designed to help creators protect and monetize their intellectual property in an evolving digital landscape.
Today we’re announcing that @a16zcrypto is leading an $80M Series B financing of PIP Labs, developer of @storyprotocol. We want to help Story become the infrastructure for AI systems and creative people to happily co-exist.
For decades, the internet has operated on an implicit… pic.twitter.com/WUZQhCk0vW
Other participants in the funding round include Polychain Capital, Stability AI Vice President Scott Trowbridge, K11 Founder Adrian Cheng, and digital art collector Cozomo de’ Medici.
A Bloomberg report stated that according to people familiar with the matter, the latest funding would bring the company’s valuation to $2.25 billion.
The goal is to ensure that original content creators receive compensation regardless of how their work is used or distributed while also making the licensing process smoother and more standardized to promote broader sharing and collaboration.
With generative AI increasingly creating content without crediting original creators, the IP project seeks to address the challenges posed by the widespread use of original sources in training artificial intelligence.
“We hope for a future in which AI systems and creative people can happily
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