Story secures $80M for AI blockchain in content IP

In response to growing concerns over the use of intellectual property (IP) by major AI companies like Anthropic, OpenAI, and Stability AI, a new startup named Story has secured $80 million in funding to develop a blockchain-based platform aimed at empowering IP owners. The initiative, led by founder Lee, seeks to create a more sustainable IP ecosystem that allows creators to assert ownership and set usage parameters for their content. This approach is designed to enable creators to benefit from their work while allowing others to license and utilize it. Story is currently in a closed beta phase, gradually adding users to its platform. Chris Dixon from a16z, who co-led the investment, highlighted the potential for generative AI to disrupt traditional economic models in the creative industries. As AI continues to evolve, the need for effective IP tracking and monetization becomes increasingly critical, prompting interest from multiple startups in this space. Another player, Sahara AI, recently announced $43 million in funding to tackle similar challenges. However, Lee emphasized that Story differentiates itself by focusing specifically on the IP and data layer of AI solutions, rather than the existing AI infrastructure. This strategic focus positions Story as a potential partner for other companies in the sector. Industry experts, including Olaf Carlson-Wee of Polychain Capital, have drawn parallels between Story's mission and the transformative impact of Bitcoin on finance, suggesting that Story could revolutionize the way content and IP are managed in the digital age.