Inkitt Raises $37 Million to Expand AI-Enhanced Content

Quincy Jon, Tech Times 27 February 2024, 12:02 pm

Inkitt, a startup dedicated to transforming content creation and distribution through artificial intelligence (AI), has successfully raised $37 million in a Series C funding round led by Vinod Khosla from Khosla Ventures.

The company's revolutionary app allows users to self-publish stories, employing AI and data science to identify and enhance the most captivating content for distribution and sale on its secondary app, Galatea.

With a substantial user base of 33 million and numerous bestsellers on its platform, Inkitt intends to leverage the recent funding to diversify its content production, according to TechCrunch. Inkitt's expansion includes the utilization of AI to generate stories based on original ideas, the creation of personalized versions of fiction tailored for specific readers, venturing into the gaming and audiobook markets, and an augmentation of its video content production.

Inkitt CEO and founder Ali Albazaz envisions establishing a multimedia empire around Inkitt's content library, positioning the company as "the Disney of the 21st century." The Series C funding round brings Inkitt's total raised capital to an impressive $117 million, with a current post-money valuation reaching approximately $400 million.

Personalized Entertainment

In contrast to the prevailing decline in reading habits, Inkitt has found success by catering to mobile users through innovative storytelling methods. Emphasizing shorter chapters for mobile readability, the platform incorporates effects such as sounds to enrich the dynamic reading experience. Rigorous A/B testing fine-tunes various aspects of the content, resulting in higher engagement and a reported "20x" higher success rate for publishing best-selling books compared to traditional publishers.

Inkitt's revenue has doubled in the past year, and newer projects like Galatea TV contribute to its almost profitable status. Albazaz underscores the company's preference for undiscovered talent over established authors, accentuating the use of AI to generate stories and personalize content in its future strategy.

Experimenting with various language models, including APIs from OpenAI, Anthropic, and Mistral AI, Inkitt constructs narratives and enhances content creation. The company's distinctive approach involves the automatic publication of books in 10 languages, AI utilization for audiobooks, and customizations around existing language models for optimal results.

In securing Series C funding, Inkitt reaffirms its commitment to building an AI-powered content empire aligned with the vision of hyper-personalized entertainment.

Google's Foray into AI-Driven Writing

In a strategic move, Inkitt augmented its Publishing Strategy Board in August last year, welcoming Michael Anderle, CEO of LMBPN Publishing, and best-selling author Willow Winters as advisors. According to the firm's media release, the duo joined industry veterans Jane Friedman and Michael Lynton in advising Inkitt on its innovative endeavors.

In another development, amid Google's recent strides in artificial intelligence (AI) with the introduction of its AI model Gemini, the tech giant unveils a new online writing tool. Named "Help me write," this Chrome extension aims to assist users in generating writing suggestions as they compose or refine text in open fields on the web, particularly for short-form content like reviews or surveys.

Described as an experimental and creative writing aid utilizing generative AI, Google Help Me Write aims to facilitate easier and more effective writing across the web, enhancing the user experience in content creation, per a TechTimes report.