Camp Network, a global blockchain start-up for intellectual property (IP) ownership, is in confirmatory diligence with a significantly larger target, said co-CEOs Nirav Murthy and James Chi.

The New York City-based company has a signed term sheet for an all-equity deal with a company that has 4 million monthly active users, revenue of USD 20m, and USD 9m in EBITDA, Murthy said.

Camp Network is projecting at least USD 10m in revenue by the end of 2027, according to Chi. The company has raised about USD 30m in capital, he said.

It most recently closed a USD 25m Series A in April 2025. Investors include 1kx, Blockchain Capital, Maven 11 Capital, dao5, Hypersphere Ventures, and Paper Ventures.

Camp Network has an eight-year runway and no plans to raise additional capital, short of a potential large buy, according to the co-CEOs. Acquisitions could be funded through any combination of cash, earnout, existing equity, and new equity, they said.

The company will continue to evaluate M&A, with ideal targets including those focused on AI-native IP generation or transitioning Web 2 IP to Web 3, Murthy said. They could be based anywhere in the world.

Camp Network is a Layer-1 blockchain built to modernize IP infrastructure and power AI agents on verifiable IP. When individuals transact on its blockchain, it collects a fee. Customers include IP houses, individual creators, and applications.

The company is about to launch an agentic AI framework, Chi noted.

“As AI models continue to be trained on content taken without consent or attribution, creators are losing visibility into how their work is used,” Chi explained. Rapidly emerging lawsuits surrounding the ethical output of AI, with issues including copyright infringement, are driving demand, Murthy added.

Chi noted fellow AI-native infrastructure provider for IP startup Story Protocol, backed by Andreessen Horowitz, raised a USD 80m Series B at a USD 2.25bn valuation in late 2024.

Murthy, 29, and Chi, 31, both former investment bankers, co-founded Camp Network in 2023 and combined still own the “vast majority” of the business.

The company plans to exit via an IPO, with the earliest possible debut four years out, they said.

The business has 15 employees and a community of developers around the world.

In the long term, Murthy said Camp Network aims to build the world’s largest repository of user-owned IP and a leading marketplace for rights-cleared training data.

Camp Network works with law firm Neal & Leroy, Web 3 specialist consulting and advisory firm Horizons Global, and crypto-native tax firm Darien Advisors.