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PIP Labs, the software company behind Story Protocol, a Layer 1 blockchain designed for intellectual property management, announced Wednesday that it has secured $80 million in a Series B funding round led by a16z, with participation from Polychain. The round values ​​PIP Labs at $2.25 billion and raises Story’s total capital to $140 million.

Story was developed with the mission to transform the way intellectual property (IP) is handled in the digital age by making it programmable. The company said it aims to tokenize the $2 trillion IP asset class and turn it into “IP Legos,” a framework for programmable, on-chain IP assets.

The protocol aims to solve the problem of big tech companies profiting from creators’ content without fair compensation, said Seung Yoon Lee, co-founder and CEO of PIP Labs. The goal is to empower creators, unlock new monetization opportunities, and foster a more collaborative and fair digital ecosystem.

“Big tech is stealing IP without permission and taking all the profits,” Lee said. “First, they will gobble up your IP for their AI models without any compensation. Then, they will hijack your future economy by sucking up all your potential traffic.

“Stories provide a sustainable and thriving path for internet creativity, benefiting both creators and AI, without intermediaries,” he noted.

According to Lee, the platform allows creators to build communities of fans who can remix, distribute, and sell their IP. Creators can declare ownership and set terms of use for their IP, unlocking new revenue streams through IP licensing and remixing.

Story is designed to work seamlessly with AI, allowing for easier licensing and compensation, the CEO added. Jason Zhao, co-founder and CPO of PIP Labs, described Story as “IP Legoland” where IP can be easily remixed and composed.

Chris Dixon, Founder and Managing Partner at a16z Crypto, discussed Story’s potential, saying that AI is changing the traditional internet economy. Story Protocol provides the tools needed for a new, fairer model where creators are rewarded for their contributions.

“Blockchains are ideally suited for large-scale economic coordination, and Story’s platform ensures that creators are compensated for their intellectual property that fuels the AI ​​systems,” Dixon said.

Story is preparing for its mainnet launch, expected later this year. The development is based on the Cosmos SDK and is compatible with the Ethereum Virtual Machine.

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