Venture capitalists firm, a16z has backed PIP Labs in a new $80 million funding round that drew participants from top companies. The round brings the firm’s valuation above $2 billion as it records increased momentum. Crypto VC investments record upticks this year on the heels of growing adoption.
a16z Leads $80 Million Funding Round
Andreessen Horowitz has backed the developer behind Story Protocol in a new $80 million funding round. According to Bloomberg citing people familiar with the matter who refused to be named, the company’s valuation soared to $2.25 billion. S.Y Lee, the CEO of PIP Labs highlighted the importance of Intellectual Property representation in all forms of art including music and other creatives.
“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 spent on developers and research towards IP creators. The company has raised $140 million so far. A major selling point for the platform is its utility to allow creators to establish ownership of their IP. This reduced copyright infringement in sectors including memes, music, and other forms of art. The funding round attracted firms to the project including Polychain Capital and top executives like Scott Throwbridge, Stability AI’s Vice President, Adrian Cheng, K11 founder, and Cozomo de’ Medici.
Crypto VC Investment Surges
VC firms have increased funding in the crypto market this year as adoption and transactions surge. Particularly, a16z has invested in several platforms with the firm continuing its bullish stance in the market. Recently, the firm announced a move to open a Japanese office to fund start-ups. The move towards the industry from institutions comes as its mainstream traction ignited amid the U.S. elections.
This year, Bitcoin price soared above $73,000 tapping a new all-time high alongside other altcoins. Bitcoin price stands at $59,487, a slight 0.4% gain in the last 24 hours.
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