<![CDATA[<figure class="image"><img src="https://cimg.co/news/124284/328082/ip.jpg" alt="" srcset="https://cimg.co/news/124284/328082/responsive-images/ip___media_library_original_612_459.jpg 612w, https://cimg.co/news/124284/328082/responsive-images/ip___media_library_original_600_450.jpg 600w, https://cimg.co/news/124284/328082/responsive-images/ip___media_library_original_300_225.jpg 300w" sizes="100vw" width="612" class="content-img"><figcaption>Source: Getty Images</figcaption></figure>Story Protocol, a startup that uses blockchain tech to track intellectual property (IP), has secured more than $54 million in funding driven by venture capital giant Andreessen Horowitz (a16z) crypto.The open-source platform was <a href="https://www.businesswire.com/news/home/20230905638262/en/Story-Protocol-Launches-With-Over-54M-in-Funding-Led-by-Andreessen-Horowitz">launched Wednesday</a> and aims to &ldquo;democratize&rdquo; IP creation through a worldwide extensible IP vault, a company release noted. Put simply, Story Protocol would simplify the process associated with maintaining IP and address creators&rsquo; concerns, particularly around the recent rise in generative AI (artificial intelligence).&ldquo;In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution,&rdquo; Story Protocol Co-Founder Seung Yoon Lee said in a press release.Lee noted that the company aims to create a &ldquo;new era of entrepreneurial creators&rdquo; by helping existing IP holders to engage audiences and advance their IP.Furthermore, the platform&rsquo;s framework manages the entire lifecycle of intellectual property development by enabling features including provenance tracking, licensing and revenue sharing.The company&rsquo;s vision is to create, govern, and license intellectual property on-chain, forming an ecosystem of story legos that can be remixed and composed. This approach enables creators to build narrative stories with ownership and incentives.<h2 style="text-align:justify;" id="follow-on-funding-round">Follow-on Funding Round</h2>The new follow-on fundraising, in conjunction with an earlier seed round, saw several investors including Samsung Next, Endeavor, Hashed, and Paris Hilton&rsquo;s 11:11 Media. In addition to that, the company also announced filmmaker and novelist David Goyer as an advisor.&ldquo;Story Protocol marks a new era for the entertainment industry and the start of a new ownership model for creators and fans,&rdquo; Goyer noted.Story Protocol, in May, raised a $29.3 million seed round, in which a16z had invested $10 million, per an Accounting and Corporate Regulatory Authority (ACRA) filing.
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Blockchain Startup Story Protocol Secures $54 Million Funding Led by Andreessen Horowitz

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