Story, a startup headquartered in San Fransisco, has reported that it has raised $80m for a blockchain design that stops artificial intelligence (AI), such as OpenAI’s ChatGPT, from pilfering the intellectual property of creators.
Story Raises Additional $80m To Protect Digital Copyright
This company said that it raised these funds in a Series B capital round. A CNBC report cited unnamed sources who claimed that this latest fundraising brings Story’s value to $2.25bn.
Polychain, a crypto venture capital firm, and Brevan Howard, the investment fund of British billionaire and hedge fund manager Alan Howard, also invested in Story.
Most commonly associated with cryptocurrencies, blockchains are databases that consistently record activities. Story’s blockchain network allows creators to prove that certain intellectual property belongs to them. If this is the case, they can store their content on the Story platform.
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The firm protects creators and entities through smart contracts, which include aspects such as licensing fees and royalty-sharing conditions. A smart contract is a digital agreement that is safeguarded on the blockchain and automatically activates when certain conditions are satisfied.
SY Lee, the company’s co-founder and CEO, said that its services enable the programmability of the copyright of intellectual property. It puts a price tag on using and reproducing these creations and limits lengthy legal copyright battles. He commented:
Now, you don’t need to go through lawyers. You don’t need to go through the agents. You don’t need to do this very lengthy business development negotiation. You just embed your licensing, royalty-sharing terms into small contracts.
