A16z Backs Blockchain-for-IP Developer at $2 Billion Valuation

The software company behind Story Protocol, an intellectual property-focused blockchain, raised $80 million in a round led by venture capital firm a16z crypto.

Palo Alto-based PIP Labs, Story’s core developer, secured the capital at a valuation of $2.25 billion, according to people familiar with the matter who asked not to be identified discussing confidential information. Other investors in the round include Polychain Capital, Stability AI Vice President Scott Trowbridge, K11 Founder Adrian Cheng and digital art collector Cozomo de’ Medici, PIP Labs said in a statement.

A spokesperson for the company declined to comment on its valuation.

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