The software company behind Story Protocol, an intellectual property-focused blockchain, raised $80 million in a funding round led by a16z crypto. PIP Labs, based in Palo Alto and the core developer of Story, secured this capital at a valuation of $2.25 billion. Other notable investors included Polychain Capital, Stability AI's Scott Trowbridge, K11's Adrian Cheng, and digital art collector Cozomo de’ Medici.

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.

a16z Leads $80 Million Funding Round for IP Blockchain Firm at $2.25 Billion Valuation