Pip Labs has raised $80 million in a Series B funding round led by VC firm A16z, reaching a valuation of $2.25 billion. The round aims to extend the development of Story, a blockchain aiming to tokenize and protect what Pip Labs calls the “multi-trillion-dollar” asset class of intellectual property (IP), offering frictionless systems for registering and collecting payments for the use of these properties.
Pip Labs Raises $80 Million at a $2.25 Billion Valuation to Protect IP via Blockchain
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Pip Labs Raises Announces $80 Billion Series B Funding Round, Discloses It Has Raised $140 Million in Total
Pip Labs, a Palo Alto-based software development startup, has announced the successful completion of a $80 million Series B funding round led by VC company A16z, with the participation of Polychain Capital. The funding round reportedly assigned Pip Labs a valuation of $2.25 billion, having raised $140 million in all three funding rounds to date.
Pip Labs is the developer of Story Protocol, a Layer 1 blockchain ecosystem seeking to provide rails for the protection, tokenization, and registry of what it calls a “multi-trillion-dollar” asset class: intellectual property (IP). The company explains that, in the age of artificial intelligence, the value of IP must be protected, given that large language models crawl the web looking for content useful for training purposes.
Monetization of these properties and original data is important for new data to keep appearing, allowing for content to keep growing. This is where Story Protocol enters, protecting IP and setting the usage and monetization rules, allowing every original content creator to be compensated for their work. In the words of Chris Dixon, partner at A16crypto, the goal behind story protocol is to “create foundational infrastructure that can underpin a new economic covenant between creators and platforms.”
Story Protocol’s activity also includes the registry of these IPs easily and seamlessly, encouraging industry actors to participate in the system. Pip Labs declared that 200 teams, with over 20 million addressable IPs, are already using Story as part of their operations.
What do you think about Story Protocol and its goal of protecting and monetizing original IP? Tell us in the comments section below.
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