Story Protocol maker secures $80m to transfer IP rights onto blockchain

PIP Labs, the core contributor to layer-1 network Story Protocol, has raised $80 million to build an ecosystem where creators can “grow their IP in the age of AI.”

Programmable IP Labs, the mastermind behind the blockchain startup Story Protocol, has attracted $80 million in a series B funding round, bringing the total value raised to $140 million.

PIP Labs wants to tokenize the “multi-trillion-dollar asset class of intellectual property” as more than “200 teams, totaling more than 20 million addressable IPs, are already building on Story across various sectors.”

In an X announcement on Aug. 21, the firm said the funding was led by a16z crypto and participated in by Polychain Capital, Hashed, and Foresight Ventures, among others. According to reports, Story’s valuation soared to $2.25 billion following the latest funding.

“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.”

a16z crypto in a press release

Story set to launch mainnet in Q4 2024

Although still in development, the funding is expected to assist PIP Labs in ensuring a smooth launch of Story Protocol’s mainnet, which is anticipated later this year. It remains unclear, though, if the startup plans to introduce a governance token for project management.

Founded in 2022, Story uses tokenization and a universal licensing agreement to onramp IP to the blockchain. Per the project’s official website, Story wants to bridge real-world assets to smart contracts by leveraging the Programmable IP License, a “license agreement template” that bridges real-world IP with its on-chain tokenization, the firm says. With the template, PIP Labs wants to provide a backstop to the on-chain asset, allowing it to onramp intellectual property to the blockchain.

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