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
Disclaimer
This web site is developed and maintained by ESG Intelligence Private Limited (hereinafter ‘Company’). The use of this website is at the sole risk of the user.
The inclusion of experts on this website or in any professional directory on this website does not imply recommendation or endorsement of such expert nor is such information intended as a tool for verifying the credentials, qualifications, or abilities of any expert contained therein.
All information on this website is provided on an “as-is” basis and the Company disclaims all warranties, either express or implied, including but not limited to the implied warranties of merchantability and fitness for particular purpose as to the results you may achieve on account your use of this website, as to the results you may achieve on account of any relationship you elect to create with an expert. The Company does not make any representations or warranties regarding any expert, including but not limited to, any expert’s ability to obtain a favorable result for you. The Company does not guaranty in any services or goods associated with this website will be error-free or uninterrupted, or that any service or good will continue to be available. Any material downloaded or otherwise obtained through the use of the service is done at your own discretion and risk and that you will be solely responsible for any damage to your computer system or loss of data that results from the download of any such material. No information, whether oral or written, obtained by you from the Company or through or from this website shall create any warranty not expressly stated.
Though all efforts have been made to ensure the accuracy and currency of the content on this website, the same should not be construed as a statement of law or used for any legal purposes or otherwise. The Company, its management and/or its employees hereby expressly disowns and repudiates any claims or liabilities (including but not limited to any third party claim or liability, of any nature, whatsoever) in relation to the accuracy, completeness, usefulness and real-time of any information and contents available at this website, and against any intended purposes (of any kind whatsoever) by use thereof, by the user/s (whether used by user/s directly or indirectly). Users are advised to verify/check any information and contents, with the relevant source(s) and obtain any appropriate professional advice, before acting thereon as may be provided, from time to time, in the website.
Portions of the content presented on this website have been generated using advanced artificial intelligence tools, including but not limited to ChatGPT, Bing, and other generative AI models. While the Company strives for accuracy and relevance, the nature of AI-generated content means that it may occasionally contain inaccuracies, omissions, or may not always reflect the most current information. The Company recommends users to exercise discretion, and cross-reference information from other sources when making decisions based on the content provided on this Website. The Company will not be responsible for any decisions made based on information provided on this Website.
The Company makes no representations or warranty whatsoever about any other web site which you may access through this one or third party content. The Company shall not be responsible for and assumes no liability for any mistakes, misstatements of law, defamation, omissions, falsehood, obscenity, pornography or profanity in the statements, opinions, representations or any other form of content contained in any third-party content appearing on the website. You understand that the information and opinions in the third-party content on this website represent solely the thoughts of the author and is neither endorsed by the Company nor does it reflect the beliefs of the Company. When you access any website, please understand that it is independent from the Company, and the Company has no control over the content on that website. In addition, a link to any other web site does not mean that the Company endorses or accepts any responsibility for the content, or use, of such web site. It is up to you to take precautions to ensure that whatever you select for your use is free of such items as viruses, worms and other items of destructive nature. The Company hereby expressly disclaims any liability and claims against, any information, materials, products or services posted or offered at any of the third party sites linked to this website.
This website shall be governed by and construed in accordance with the applicable laws of India.
The Company exclusively reserves the rights, to change or modify or alter any of the policies available on this website (whether completely or partially), from time to time, at its discretion, without any objections, interruptions, grounds, claims or liabilities of any third party/users.