Story Protocol, a startup that uses blockchain tech to track intellectual property (IP), has secured more than $54 million in funding driven by venture capital giant Andreessen Horowitz (a16z) crypto.
The open-source platform was launched Wednesday and aims to “democratize” IP creation through a worldwide extensible IP vault, a company release noted. Put simply, Story Protocol would simplify the process associated with maintaining IP and address creators’ concerns, particularly around the recent rise in generative AI (artificial intelligence).
“In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution,” Story Protocol Co-Founder Seung Yoon Lee said in a press release.
Lee noted that the company aims to create a “new era of entrepreneurial creators” by helping existing IP holders to engage audiences and advance their IP.
Furthermore, the platform’s framework manages the entire lifecycle of intellectual property development by enabling features including provenance tracking, licensing and revenue sharing.
The company’s vision is to create, govern, and license intellectual property on-chain, forming an ecosystem of story legos that can be remixed and composed. This approach enables creators to build narrative stories with ownership and incentives.
Follow-on Funding Round
The new follow-on fundraising, in conjunction with an earlier seed round, saw several investors including Samsung Next, Endeavor, Hashed, and Paris Hilton’s 11:11 Media. In addition to that, the company also announced filmmaker and novelist David Goyer as an advisor.
“Story Protocol marks a new era for the entertainment industry and the start of a new ownership model for creators and fans,” Goyer noted.
Story Protocol, in May, raised a $29.3 million seed round, in which a16z had invested $10 million, per an Accounting and Corporate Regulatory Authority (ACRA) filing.
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