a16z has led a $80 million funding round for PIP Labs, the developer of Story Protocol, bringing the company’s valuation above $2 billion.
Venture capital firm a16z has supported PIP Labs in a new $80 million funding round that attracted participation from major companies.
This round has boosted the firm’s valuation to over $2 billion, as it gains increasing momentum.
Crypto venture capital investments have been on the rise this year, driven by growing adoption.
a16z Leads $80 Million Funding Round
Andreessen Horowitz has backed the developer behind Story Protocol in a fresh $80 million funding round.
According to Bloomberg, citing sources familiar with the matter who preferred to remain anonymous, the company’s valuation has surged to $2.25 billion.
S.Y. Lee, CEO of PIP Labs, emphasized the significance of representing Intellectual Property (IP) across all forms of art, including music and other creative endeavors.
“We are building the programmable intellectual property layer for the age of generative AI. Every single IP is a massive asset class. It can be your voice, characters, music pieces, it can be anything that’s represented as creative, outdoor intellectual output that can be an IP.”
The funds raised will be allocated to developers and research focused on IP creators.
To date, the company has secured $140 million in total. A key advantage of the platform is its ability to enable creators to establish ownership of their IP.
This helps reduce copyright infringement in areas such as memes, music, and other forms of art.
The funding round attracted firms and notable figures, including Polychain Capital and top executives like Scott Throwbridge, Vice President of Stability AI, Adrian Cheng, founder of K11, and Cozomo de’ Medici.
Surge in Crypto VC Investment
Venture capital firms have been increasing their investments in the crypto market this year, driven by a rise in adoption and transactions.
In particular, a16z has invested in several platforms and continues to maintain a bullish outlook on the market.
Recently, the firm announced plans to open an office in Japan to support start-ups.
The growing interest from institutions in the industry has gained traction, especially in light of the U.S. elections.
This year, Bitcoin reached a new all-time high, surpassing $73,000, alongside gains in other altcoins. Currently, Bitcoin’s price stands at $59,487, reflecting a slight 0.4% increase in the last 24 hours.
