Aria Protocol Labs and Aria Foundation, the teams behind the Story-based intellectual property (IP) tokenization platform Aria, have raised $15 million in combined seed and strategic funding rounds.

Both rounds were finalized last month, following fundraising conversations that began in March, Aria co-founder and chief IP officer David Kostiner told The Block. The seed round was co-led by Polychain Capital and Neoclassic Capital, with additional strategic funding from Story Protocol Foundation and other unnamed backers across the crypto, IP, and entertainment sectors, Kostiner said, declining to disclose the specific breakdown between the rounds as this was part of a private transaction.

The rounds were structured as a combination of equity and token warrants, Kostiner said, adding that they bring Aria’s equity valuation to $50 million. The project also plans to issue a native token in the future.