Story Protocol Raises $80M to Grow IP Ecosystem in AI Era

PIP Labs, the core contributor to the layer-1 network Story Protocol, has successfully raised $80 million to develop an ecosystem where creators can grow their IP in the age of AI. This brings the total funds raised to $140 million.

Programmable IP Labs, the team behind Story Protocol, aims to tokenize the vast asset class of intellectual property. Over 200 teams, representing more than 20 million addressable IPs, are already building on Story across various sectors.

Announcing $140M in total fundraising to build Story, the World’s IP Blockchain.

In an announcement on August 21, the firm revealed that the funding was led by a16z crypto, with participation from Polychain Capital, Hashed, and Foresight Ventures, among others. Following this funding round, Story’s valuation reached $2.25 billion.

A16z crypto stated, “We hope for a future in which AI systems and creative people can happily co-exist. For this to work, creators need a modern way to ensure they get compensated for their work.”

Although still in development, the new funds are expected to help PIP Labs ensure a smooth launch of Story Protocol’s mainnet, anticipated later this year. It remains unclear if the startup will introduce a governance token for project management.

Founded in 2022, Story Protocol utilizes tokenization and a universal licensing agreement to bring IP to the blockchain. According to the project’s official site, Story aims to bridge real-world assets to smart contracts through the Programmable IP License, a license agreement template that connects real-world IP with on-chain tokenization. This template provides a foundation for on-chain assets, enabling the seamless integration of intellectual property onto the blockchain.

In 2023, Story raised $25 million in a series A round supported by a16z crypto, Insignia Ventures Partners, DeFi Alliance, LLC, Foresight Ventures Investments, and Endeavor Group Holdings, among others.

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