a16z-backed DATA retires its blockchain, moves to Sui

DATA (formerly Story Protocol), the a16z crypto-backed startup, is shutting down its own blockchain and migrating to Sui after a $30 million investment from the Sui Foundation. CEO Andrea Muttoni said the company spread itself too thin trying to license all types of intellectual property onchain, and running its own L1 no longer made sense once work centered on one product.

DATA's focus is now Trace, a registry that records where AI training data comes from, who contributed it and what rights buyers have — after the company found buyers often couldn't verify whether datasets were original or properly licensed. Marketplace partner Kled is adding 3-4 million contributions a day, though DATA didn't disclose how many records have generated licensing revenue.

• DATA raised $140 million before the pivot; existing investors including a16z remain involved.
• The company rebranded from Story to DATA Foundation in June before narrowing to AI training data.