AI Startup TollBit Raises $24M in Series A Funding Led by Lightspeed Ventures, Axios Reports

Oct 22, 2024, 06:14 PM

AI startup TollBit has successfully raised $24 million in a Series A funding round led by Lightspeed Ventures. The company, which recently launched a content monetization marketplace for publishers and AI companies, aims to address the challenges posed by AI to the traditional business model of the open web. Notable publishing partners for TollBit include Penske Media, TIME, and Adweek. The first piece of content licensed using TollBit's platform was TIME's '100 Most Powerful People in AI' list. Olivia Joslin and Toshit Panigrahi, co-founders of TollBit, have expressed their commitment to building solutions for AI-native web applications and publishers. Axios reported that Lightspeed Ventures' partner will join the TollBit board, emphasizing the importance of incentivizing content creation as consumers increasingly adopt single interfaces that aggregate content.