Bang Si-hyuk and Samsung Also Impressed... This Startup Received 100 Billion Won Investment [Valuable Intellectual Property]

PIP Labs Secures Total Investment of 191 Billion KRW
AI Data Economy Compared to the 'Tragedy of the Commons'
"Fair Compensation Will Be Provided to Creators"

Bang Si-hyuk, chairman of HYBE, Samsung Next, the venture capital arm of Samsung Electronics, renowned Silicon Valley investment firm Andreessen Horowitz, and Hollywood star Paris Hilton have all invested in 'PIP Labs,' the initial developer of the platform 'Story,' which helps creators protect their intellectual property (IP) and generate revenue.

Chairman Bang Si-hyuk of HYBE (left), Vice Chairman Lee Jae-yong of Samsung Electronics (right).

PIP Labs recently secured $80 million (approximately 109.2 billion KRW) in Series B funding, bringing its total accumulated investment to $140 million (about 191 billion KRW).

PIP Labs was co-founded by CEO Lee Seung-yoon, who sold the web novel platform 'Radish' to Kakao for around 500 billion KRW, and CPO Jason Zhao, the youngest product manager at Google DeepMind.

Jason Zhao, co-founder and CPO of PIP Labs, is explaining the 'Story' platform at a press conference held on the 22nd at Ferrum Tower in Euljiro, Seoul.

On the 22nd, Jason Zhao, CPO, held a press conference at Ferrum Tower in Euljiro, Seoul, to introduce the blockchain-based Story platform. Story is a platform that converts IP into digital assets, opens up the market, and supports creation and monetization in the AI era.

He pointed out that although AI technology has made it easy to create and distribute works worldwide, the revenue distribution to original IP creators is not being properly handled. He warned that if a few AI companies continue to monopolize profits, creators will stop producing new works.

He likened this situation to the "tragedy of the commons." Cattle (AI) graze on grass (data) in a vast meadow, but no one will plant new grass. He said, "If data to be used is not uploaded to the internet, eventually AI companies will also face difficulties."

For example, OpenAI partnered with the U.S. online community Reddit and invested in it, but he expressed concern that in the future, users might use ChatGPT instead of visiting Reddit, leaving Reddit’s forums empty. A decline in Reddit users would diminish creators' motivation, potentially jeopardizing the partnership between OpenAI and Reddit.

The Story platform is designed to solve these problems by allowing creators to register and protect their IP and receive fair compensation for derivative works.

In particular, it plans to tokenize IP and store it on the blockchain in an immutable form. Through this, creators can clearly establish ownership of their IP and protect all rights and revenues generated during the processes of derivative creation, sales, and distribution. However, the platform’s success depends on active participation from many creators, generative AI companies, and other members of the IP ecosystem.

Lee Seung-yoon, CEO of PIP Labs. He previously sold the web novel platform Radish to Kakao for approximately 500 billion KRW (440 million USD).

The Story platform collaborates with design services like 'Ablo,' which allows anyone to create the latest fashion items using generative AI, the AI storytelling platform 'Sekai Project,' and the collaborative art platform 'Magma.'

When asked about the relationship with existing IP registration and management institutions, Jason Zhao replied, "We will cooperate with existing copyright management organizations to ensure laws are applied more efficiently." When asked if creators would be compensated in cryptocurrency, he gave a somewhat evasive answer, saying, "Most creators prefer to be paid in fiat currency," but added, "Payments will be transparently made on the blockchain."

Lee Seung-yoon, CEO of PIP Labs, stated, "Story will remove intermediaries to enable creative experiments in the internet space to prosper sustainably, creating benefits for both creators and the AI industry."