PIP Labs

The founders bring a complementary blend of experience to the venture. S. Y. Lee previously founded the mobile fiction platform Radish, which he sold to Kakao in 2021. Jason Zhao, a Stanford University graduate in Philosophy and Computer Science, was one of the youngest product managers at Google's AI lab, DeepMind, where he focused on industrial AI applications. His background in AI and interest in decentralized systems spurred the creation of a blockchain-based solution for IP. In August 2025, Zhao transitioned from his full-time role to serve as a strategic advisor while launching a new AI venture, with S. Y. Lee continuing as CEO.

PIP Labs is the primary developer of Story Protocol, a Layer 1 blockchain designed to function as an open and programmable IP repository. The protocol enables creators—from artists and writers to musicians and developers—to register their work on-chain as "Programmable IP." This process tokenizes the IP, creating a transparent and immutable record of ownership and provenance. The platform's business model is centered on building this foundational layer, allowing an ecosystem of third-party applications and services to be built on top for functions like licensing, royalty distribution, and co-creation. By making IP programmable, Story Protocol aims to automate processes like revenue sharing and licensing, ensuring creators are compensated fairly and transparently whenever their work is used, remixed, or trains AI models.

The company has achieved significant financial milestones, raising a total of approximately $140 million through multiple funding rounds. These include a $54 million Series A in 2023 and an $80 million Series B in August 2024, both led by Andreessen Horowitz (a16z), valuing the company at a reported $2.25 billion. Other prominent investors include Polychain Capital, Samsung Next, and Hashed.