Founder of Blockchain Project Valued at $2.25 Billion Backed by a16z Steps Down to Pursue AI
When Serial Entrepreneurs Meet a University of Denver Graduate, Story Protocol Valuation Reaches $2.25 Billion
Story Protocol is primarily composed of a Korean team, with co-founder and CEO Seung Yoon Lee being a young serial entrepreneur. Another co-founder, and the protagonist of this article, Jason Zhao, graduated from the University of Denver and worked at DeepMind before founding Story Protocol. The project has garnered the favor of renowned American venture capital firms such as a16z and Polychain, raising over $100 million and achieving a latest valuation of $2.25 billion.
The project’s goal is to create a Layer 1 solution using blockchain technology to protect creators’ intellectual property rights. This initiative has also received support from Bang Si-hyuk, the CEO of the well-known South Korean entertainment company HYBE, who acts as an angel investor (known for managing artists like BTS and SEVENTEEN).
Story Protocol Co-Founder: Leaving Story to Participate as an Advisor
Jason stated in a declaration that during the incubation of the new project Poseidon, he rediscovered the original intention from his days at DeepMind: to apply AI to cutting-edge industries such as science and space. Therefore, he decided to leave his full-time position at Story and maintain close involvement as a strategic advisor, dedicating himself to pursuing new paths in AI and frontier science.
Reflecting on the development of Story, he noted that the project started from a whiteboard concept when he was 22 years old and has since evolved into a network serving IPs like Balmain and BTS, accumulating millions of transactions and receiving support from investors including a16z. However, much of the related data has been disclosed unilaterally by the company, leaving the actual revenue structure and sustainability to be observed by the market.
Regarding the transition, Jason pointed out that Story will enter “Chapter 2,” led by SY (Seung Yoon Lee), with Andrea taking on the role of Product Chief and Sandeep heading Artificial Intelligence. He also emphasized that his future startup will establish cooperative and investment relations with Story. However, as the founders step back from daily operations and initiate a high-level functional reorganization, whether the company can maintain strategic focus and product rhythm has become a focal point of external attention.
Story CEO Responds: Without Jason’s Three-and-a-Half Years of Dedication, There Would Be No Foundation Today
SY subsequently responded, stating, “I am glad to be your key investor and partner in AI training data and IP infrastructure, supporting you in embarking on a new journey.” He reflected on the start of their collaboration from a whiteboard meeting in San Francisco in 2022, to shaping Story into “a dedicated IP blockchain for top-tier IPs, AI models, and developers,” praising Jason for growing from leading protocol design to becoming Product Chief, showcasing his leadership.
SY expressed that while he was aware Jason would ultimately pursue his passion for AI and frontier science, without Jason’s three-and-a-half years of dedication, Story would not have the foundation it has today.
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