Blockchain Startup Story Valued At $2.25 Billion Following $80 Million Funding Round

Story, a startup using blockchain to safeguard intellectual property (IP) in the face of AI-driven data scraping, has secured $80 million in Series B funding. The round, led by Andreessen Horowitz’s a16z crypto division, values the company at $2.25 billion. Polychain Capital, along with other prominent investors, participated in the round.

Story’s platform enables creators to prove ownership of their content by securely storing their IP on a blockchain network. This technology embeds licensing terms and royalty-sharing arrangements into smart contracts, allowing creators to control how their work is used and monetized. This innovation comes at a crucial time, with generative AI models like OpenAI’s ChatGPT facing accusations of improperly using copyrighted material as training data.

Co-founder and CEO SY Lee explained that the firm’s solution transforms traditional IP management by cutting out intermediaries, such as lawyers and agents, through the use of programmable smart contracts. “You can embed your licensing, royalty-sharing terms into smart contracts, making IP management streamlined and transparent,” Lee said. “We’ve turned IP into ‘IP Lego,’ enabling creators to maintain control over their work and receive proper compensation.”

The funding round also saw participation from Polychain and existing investors AEF Greater Bay Area Fund and Transcend Capital Partners. The fresh capital will help Story expand its IP infrastructure and onboard more developers. Over 200 developers are already using the platform to enable content creation using programmable IP.

With the funding, Story plans to further develop its blockchain technology and bring its platform to market later this year, aiming to empower creators to track, monetize, and protect their IP in an increasingly AI-driven world.