The post Funding Roundup: a16z backs Story’s $80M raise appeared on BitcoinEthereumNews.com.

The biggest raise of the week was an $80 million Series B led by Andreessen Horowitz’s crypto team, with participation from Polychain, for PIP Labs, the firm behind Story.  Story claims to be the world’s IP blockchain, and has — with this latest round — raised over $140 million.  To put it simply: the project is a “Layer 1 that seeks to tokenize the multi-trillion-dollar asset class of intellectual property, making programmable IP in the era of AI. Creators not only use Story to declare the sovereignty of their IP and define usage parameters around their IP, but also to bootstrap a global network that turns fans into evangelists by remixing, selling, and distributing their IP,” a press release said.  Story seeks to be used by independent creators, which could include multiple mediums from short video content to blogging. By helping to protect the IP of such creatives, Story seeks to help them “flourish” so they’re not “crushed.” “But AI is transforming IP in both positive and negative ways. On the one hand, it empowers individuals worldwide to produce studio-quality IP independently at their fingertips. On the other hand, it leads to IP theft, with the big tech and LLMs sucking in all the traffic and profiting all the upside without creator consent,” the press release said.  Chris Dixon, managing partner at a16z crypto, noted that AI is have an effect on content creators.  “PIP Labs is building the necessary infrastructure for a new covenant in the AI age. Blockchains are perfectly suited for large-scale economic coordination, and Story’s platform ensures creators are compensated for their IP feeding the AI systems. S.Y. is a proven innovator, and we’re excited to support his ambitious vision by leading our third round in the company,” Dixon said.  But Story wasn’t the only project…

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Filed under: News - @ August 24, 2024 2:21 pm