In just two years, Story Protocol’s startup has skyrocketed to a valuation of $2.25 billion by tackling a timely issue: protecting creators’ rights in the age of artificial intelligence (AI). The company recently raised $80 million in a funding round led by venture capital giant Andreessen Horowitz (a16z crypto).
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AI systems, which need large amounts of data to function, increasingly pull content from the internet – often without the creators' permission. Story Protocol, developed by Palo Alto-based PIP Labs, uses blockchain technology to allow creators to establish ownership of their work, set rules for how it can be used, and ensure they get paid when their content is utilized.
“We are building the programmable intellectual property layer for the age of generative AI,” SY Lee, co-founder and CEO of PIP Labs, told Bloomberg. “Every single IP is a massive asset class. It can be your voice, characters, music pieces, anything that's a creative output.”
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Seung Yoon Lee, a South Korean entrepreneur, started his journey in his early 20s when he cofounded Radish Fiction, a mobile fiction app, in 2016. Now in his early 30s, Lee is already a well-known figure in the startup world. Despite still being considered young in Korea’s culture, he’s made a huge impact by growing the value of Story Protocol to an impressive $2.25 billion in just a few years.
The funding round, which also included investments from Polychain Capital, Stability AI’s Scott Trowbridge, and digital art collector Cozomo de' Medici, brings PIP Labs' total to $140 million. The company plans to use the funds to support developers and creators and further research into IP protection.
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We can already see practical applications of Story Protocol's tech in its partnership with Magma. Fans can create scenes from their favorite video games on this art platform without worrying about copyright infringements.
Once artists register their artwork with Story Protocol, they can monitor and manage how it’s used across different platforms, including social media and websites. This ensures they get paid for their work and that any changes or new versions of their art follow the rules they've set.
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“Without great original IP, the AI models don't develop,” Lee explained, emphasizing the importance of protecting creators' work. “AI is taking, stealing data without consent, and benefiting from it without sharing the rewards with the original creators. It’s inadvertently suicide (for creative content) in the long run.”
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This article Two-Year-Old Startup Uses Blockchain To Battle AI Copyright Theft And Surpasses $2B In Valuation originally appeared on Benzinga.com
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