Story Protocol by PIP Labs Raises $80M Series B to Protect Creators’ Rights Using Blockchain and Generative AI
Story Protocol by PIP Labs Raises $80M Series B to Protect Creators’ Rights Using Blockchain and Generative AI
Programmable IP Labs (PIP Labs), the key contributor to Story Protocol, recently secured $80 million in a Series B funding round to advance its blockchain-based intellectual property (IP) tracking network. This funding highlights the growing importance of protecting IP in an age where artificial intelligence (AI) is rapidly evolving and often exploiting creative content without proper attribution or compensation.
The creative industry faces significant challenges as digital content, ranging from music and art to fashion designs, is increasingly susceptible to unconsented use by AI systems. This problem is exacerbated by the centralized nature of current IP management systems, which often fail to provide adequate protection or fair compensation to creators. This scenario is not only harmful to creators but also risks drying up the pool of original content necessary for training AI systems, potentially stalling future technological advancements.
PIP Labs addresses these challenges by leveraging blockchain technology, which offers a decentralized and transparent method for managing IP rights. Through the Story Protocol, creators can register their IP on the blockchain, ensuring that ownership is clearly attributed and that any use of the content is properly licensed and compensated. The use of smart contracts further enhances this system by automating royalty payments, thus eliminating the need for intermediaries and ensuring that creators receive their due share promptly.
This innovative approach not only safeguards existing content but also encourages the generation of new IP by guaranteeing that creators will benefit financially from their work. Additionally, the integration of generative AI with this blockchain system enables creators to experiment with and remix existing IP, opening up new avenues for creative expression and economic opportunity.
The investment from major firms like Andreessen Horowitz and Polychain underscores the potential of PIP Labs’ solution to transform the way IP is managed in the digital age, making it more equitable, transparent, and conducive to sustainable innovation.
Source: Silicon Angle
Technologies Used:
- Blockchain: Used to create a decentralized, peer-to-peer network that ensures secure and transparent attribution of intellectual property (IP) rights.
- Generative AI: Applied for creative processes such as designing fashion, generating art, or composing music, while ensuring that IP rights are respected and compensated fairly.
- Smart Contracts: Utilized within blockchain to automate royalty payments and manage licensing agreements without intermediaries.
SDGs Impacted:
- SDG 8 (Decent Work and Economic Growth): The platform supports creators by ensuring fair compensation for their work, which can lead to sustainable economic opportunities in the digital economy.
- SDG 9 (Industry, Innovation, and Infrastructure): By providing a secure platform for managing IP through blockchain, the company fosters innovation and builds resilient infrastructure for the creative industries.
- SDG 16 (Peace, Justice, and Strong Institutions): The company’s use of blockchain technology promotes transparent and accountable IP rights management, reducing the risk of exploitation and enhancing trust in digital transactions.
Sustainability Focus:
- Intellectual Property Rights Protection: This initiative addresses the risk of creative content being exploited without fair compensation, ensuring economic sustainability for creators.
- Fair Compensation and Economic Inclusion: By automating royalties and ensuring transparent IP management, the company supports economic inclusion and decent work opportunities for creators globally.
Other Details:
- Company: Programmable IP Labs
- Industry: Professional Services
- Amount Raised: $80 million
- Investment Type/Round: Series B
- Geographic Focus: Global
Key Investors:
- Andreessen Horowitz (a16z crypto) – United States
- Polychain Capital – United States
- Stability AI Ltd. – United Kingdom
- K11 Founder Adrian Cheng – Hong Kong
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