A16z Backs Blockchain-for-IP Developer at $2 Billion Valuation
- Developer of Story Protocol blockchain raises $80 million
- Story’s software helps creators to protect and monetize IP
Story Protocol’s technology ensures the video game original artists are compensated and that any derivative works fall within preset guidelines.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
The software company behind Story Protocol, an intellectual property-focused blockchain, raised $80 million in a round led by venture capital firm a16z crypto.
Palo Alto-based PIP Labs, Story’s core developer, secured the capital at a valuation of $2.25 billion, according to people familiar with the matter who asked not to be identified discussing confidential information. Other investors in the round include Polychain Capital, Stability AI Vice President Scott Trowbridge, K11 Founder Adrian Cheng and digital art collector Cozomo de’ Medici, PIP Labs said in a statement.