Palo Alto-based startup PIP Labs announced raising $80 million in a Series B funding round. The funds will support the development of Story Protocol, a layer-1 blockchain designed for managing intellectual property (IP).
Funding Details
The funding round was co-led by 16z Crypto and Polychain Capital. Other participants included Hashed, Foresight Ventures, Samsung Next, Mirana Ventures, SparkLabs Global, and angel investors. In total, PIP Labs has received $140 million in funding, with 16z Crypto participating in all stages from seed to Series B.
Story Protocol Overview
The Story Protocol blockchain allows creators to declare sovereignty over their intellectual property through tokenization. This enables formal registration of IP on the blockchain, establishing rules for its usage, sharing, and modification. According to the protocol, intellectual property is a critical resource for training AI models, and without it, AI is likely to hit a ceiling.
Industry Impact
According to PIP Labs, the technology is already being adopted, with over 200 teams and 20 million IP assets on the platform across various sectors, including IP Finance (IPFi), AI, and consumer markets. Data from Messari indicates that the Web3 fundraising landscape saw substantial growth in July, with deal volumes increasing by 72.9% to $1.44 billion.
PIP Labs continues to innovate in the field of intellectual property management, helping creators protect and monetize their work in the era of AI. The recent $80 million funding round highlights significant investor interest in new blockchain opportunities.
Comments