Andreessen Leads $80 Million Funding for AI Blockchain Project

PIP Labs, the company behind the innovative “IP blockchain” platform Story, has successfully raised $80 million in a Series B funding round led by a16z crypto. The round saw participation from notable investors including Polychain, Stability AI's Scott Trowbridge, K11 founder Adrian Cheng, and digital art collector Cozomo de' Medici. This funding marks a significant milestone, as it is only the second instance where Andreessen Horowitz's crypto arm has led three funding rounds for a single company, the first being for Coinbase. Jason Zhao, co-founder and chief product officer of PIP Labs, describes Story as a system of “legos” that utilize metadata to automate the distribution and pricing of intellectual property (IP). This innovative approach aims to create a positive feedback loop, empowering creators to experiment freely while ensuring IP owners receive a share of the generated fees. Lee, the company’s founder, emphasizes a dual strategy: reducing the costs associated with intermediaries and unlocking new revenue streams from fan-generated content. The technology has the potential to revolutionize IP management, contingent on its acceptance by creators, AI developers, and gamers. Lee draws comparisons to Spotify's rapid success in overtaking music piracy, suggesting that Story could similarly modernize compensation for creators in the age of AI. To attract developers, Story offers various incentives through the Story Academy, which includes grants, marketing support, and technical assistance. The program features a 6-7 week accelerator for mid-stage projects and a 12-week incubator for early-stage ventures, with participants eligible for grants averaging $50,000, potentially reaching up to $100,000.