PIP Labs Raises $80M for Story Protocol, Valuation Reaches $2.25B

August 23, 2024 04:36 PM AEST | By Team Kalkine Media

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PIP Labs Raises $80M for Story Protocol, Valuation Reaches $2.25B — Image source: shutterstock

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PIP Labs, a startup based in Palo Alto, has secured $80 million in a Series B funding round, co-led by a16z Crypto and Polychain Capital. This funding is designated for advancing Story Protocol, a layer-1 blockchain aimed at managing intellectual property (IP).

The Series B round also saw participation from several other investors, including Hashed, Foresight Ventures, Samsung Next, Mirana Ventures, SparkLabs Global, and various angel investors. To date, PIP Labs has raised a total of $140 million, with a16z Crypto being involved throughout all funding stages, from seed to Series B.

The recent funding round has reportedly increased PIP Labs' valuation to $2.25 billion, though this valuation has not been officially confirmed or denied by the company.

Story Protocol's blockchain technology is designed to enable creators to assert control over their intellectual property through tokenization. This process allows for the formal registration of IP on the blockchain, thereby establishing ownership and setting specific usage rules. This approach aims to enhance IP protection and maintain creator control over how their work is used, shared, or modified.

The protocol underscores the importance of IP in the context of artificial intelligence, noting that intellectual property serves as essential input data for training AI models. By leveraging blockchain technology, Story Protocol aims to ensure that creators are compensated when their IP is used for training AI models, addressing issues related to dark data sets.

PIP Labs reports that Story Protocol is already experiencing significant adoption, with over 200 teams and more than 20 million IP assets being managed on the platform across various sectors, including IP finance, AI, and consumer markets.

In the broader context, the Web3 fundraising landscape has seen a notable increase, with deal volume rising by 72.9% in July to $1.44 billion, according to Messari data. Major early-stage investments during this period were led by venture firms Pantera Capital and Mirana Ventures.

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