[Funding news] NYC-based TollBit Secures $24Million in Series A Round Funding

TollBit is a marketplace for AI companies and publishers has secured $24 million in Series A funding. The company’s founders Olivia Joslin and Toshit Panigrahi, announced that Lightspeed led this round of funding. This round is used to enhance their platform which facilitates smooth payments between AI companies and content creators.

TollBit allows AI agents and applications to pay websites directly for using their content or data. It gives publishers tools to track AI traffic and set up payment systems to earn money from their content. The platform makes it easy for publishers to connect with multiple AI partners in real-time. The first clients are already using the system, benefiting content creators and keeping AI updated.

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By providing the necessary tech and payment system, TollBit helps AI companies use content legally. The platform uses tokens to ensure that all content usage is authorized and recorded.

This funding comes after strong growth since the company’s nearly $7 million seed round in March 2024, led by Sunflower Capital, with support from several other investors.

Joslin noted, “The market is growing quickly, and both sides are working with us to find solutions. Our platform allows for easier deals between publishers and AI companies which helps avoid slow negotiations.”

Sara Beykpour, CEO of Particle said, ” the AI-powered news application, praised TollBit’s platform: “Particle is really excited about the model TollBit is championing. Our visions are aligned, and we look forward to seeing TollBit enable innovation in media while ensuring that content publishers are compensated.”

Danielle Coffey, CEO of the News/Media Alliance, supported ” As AI agents become more accessible and proliferate at an exponential rate publishers and digital content owners need a way to monetize content that doesn’t rely simply on eyeballs and clicks, TollBit is the solution, addressing the needs of both publishers and AI developers, we’ll be watching and supporting the team as they innovate for tech companies in this new gen AI era.”

Michael Mignano from Lightspeed, who will join TollBit’s board, emphasized the need for publishers to find new ways to monetize content as AI becomes more prevalent.

Chris Dicker CEO of CANDR Media Group , said “To ensure the sustainability and growth of the evolving digital media ecosystem, innovative tools like Tollbit are essential. We are excited to have partnered with them and are eager to embrace a future where the use of premium content is exchanged fairly and transparently.”

About TollBit

TollBit provides AI agents and applications with a simple way to pay websites for content addressing the challenges of content creation in the AI era and reducing legal uncertainties.