a16z Leads Massive Funding Round Raising PIP Labs Valuation Above $2 Billion
Highlights
- Andreessen Horowitz has led a funding round into PIP Labs.
- The move takes the firm’s valuation above $2 billion.
- This year, venture capitalist investment in web3 continues to soar.
Venture capitalists firm, a16z has backed PIP Labs in a new $80 million funding round that drew participants from top companies. The round brings the firm’s valuation above $2 billion as it records increased momentum. Crypto VC investments record upticks this year on the heels of growing adoption.
a16z Leads $80 Million Funding Round
Andreessen Horowitz has backed the developer behind Story Protocol in a new $80 million funding round. According to Bloomberg citing people familiar with the matter who refused to be named, the company’s valuation soared to $2.25 billion. S.Y Lee, the CEO of PIP Labs highlighted the importance of Intellectual Property representation in all forms of art including music and other creatives.
“We are building the programmable intellectual property layer for the age of generative AI. Every single IP is a massive asset class. It can be your voice, characters, music pieces, it can be anything that’s represented as creative, outdoor intellectual output that can be an IP.”
The funds raised will be spent on developers and research towards IP creators. The company has raised $140 million so far. A major selling point for the platform is its utility to allow creators to establish ownership of their IP. This reduced copyright infringement in sectors including memes, music, and other forms of art. The funding round attracted firms to the project including Polychain Capital and top executives like Scott Throwbridge, Stability AI’s Vice President, Adrian Cheng, K11 founder, and Cozomo de’ Medici.
Crypto VC Investment Surges
VC firms have increased funding in the crypto market this year as adoption and transactions surge. Particularly, a16z has invested in several platforms with the firm continuing its bullish stance in the market. Recently, the firm announced a move to open a Japanese office to fund start-ups. The move towards the industry from institutions comes as its mainstream traction ignited amid the U.S. elections.
This year, Bitcoin price soared above $73,000 tapping a new all-time high alongside other altcoins. Bitcoin price stands at $59,487, a slight 0.4% gain in the last 24 hours.
- CZ Endorses Hyperliquid Rival Aster DEX, Token Rallies 1,500%
- Tom Lee’s BitMine Adds $84M in ETH as Expert Predicts Ethereum Rally to $5K
- Grayscale’s Crypto Index Fund Sees ‘Solid Start’ as SOL, XRP Institutional Demand Climbs
- Senate Democrats Urge Republicans for ‘True Collaboration’ to Quickly Pass CLARITY Act
- Crypto Market Correction Intensifies As S&P 500, DXY Enter Dangerous Territory
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
