August 26, 2024<\/p>\n\n\n\n
By Anjali Kochhar<\/p>\n\n\n\n
According to people familiar with the situation, San Francisco-based firm Story has raised $80 million in a Series B fundraising round, increasing its valuation to $2.25 billion. The funding was revealed on Wednesday and was led by Andreessen Horowitz, also referred to as a16z, with Polychain, a venture capital firm specialised on cryptocurrencies, participating.<\/p>\n\n\n\n
Founded just two years ago, Story is positioning itself as a key player in protecting creators’ intellectual property in the digital age. The company aims to address concerns over the use of original content by artificial intelligence platforms, such as OpenAI\u2019s ChatGPT and Perplexity\u2019s AI-powered search engine. By leveraging blockchain technology, Story provides a solution for creators to prove ownership and control over their work.<\/p>\n\n\n\n
Blockchain, the technology behind cryptocurrencies like Bitcoin and Ether, functions as a distributed database with an immutable record of transactions. Story\u2019s innovation involves a blockchain network where creators can register their intellectual property, embedding licensing terms and royalty-sharing agreements into smart contracts. These digital contracts automatically execute transactions once predefined conditions are met, ensuring creators are credited and compensated for their contributions.<\/p>\n\n\n\n
Despite its high valuation and significant funding, Story remains unprofitable and does not disclose its revenue figures. However, the company\u2019s prospects are buoyed by strong investor confidence in its potential to transform how intellectual property is managed and protected in the age of AI.<\/p>\n\n\n\n
The latest funding round underscores the growing interest in technologies that address the intersection of AI and intellectual property.<\/p>\n\n\n\n
About the author<\/strong><\/strong><\/p>\n\n\n\n Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.<\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" August 26, 2024 By Anjali Kochhar According to people familiar with the situation, San Francisco-based firm Story has raised $80 million in a Series B fundraising round, increasing its valuation to $2.25 billion. The funding was revealed on Wednesday and was led by Andreessen Horowitz, also referred to as a16z, with Polychain, a venture capital […]<\/p>\n","protected":false},"author":4,"featured_media":5471,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107],"tags":[],"class_list":{"0":"post-5470","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all"},"yoast_head":"\n