Inkitt's approach involves using AI and data science to determine what fiction performs best, running A/B tests on every aspect of a work. The company also plans to generate stories using AI, based on treatments crafted by humans, and is experimenting with personalizing stories using AI algorithms. Despite the decline in reading over the last two decades, Inkitt believes it can increase user engagement by delivering books in innovative ways and making them more fitting to readers' tastes.
Key takeaways:
- Inkitt, a startup that uses AI to turn self-published stories into blockbusters, has raised $37 million in a Series C funding round led by Vinod Khosla of Khosla Ventures, bringing its total funding to $117 million.
- The startup's app allows users to self-publish stories, which are then selected, tweaked, and distributed based on their potential appeal, determined by AI and data science. The company plans to use the new funding to expand its content and move into games, audiobooks, and more video content.
- Inkitt's CEO and founder, Ali Albazaz, envisions the company as a 21st-century Disney, building a multimedia empire around its content. The startup has already attracted 33 million users and produced dozens of bestsellers.
- The company is also experimenting with AI-generated stories and personalizing stories using AI algorithms. It uses a mix of different AI tools for narrative construction, language translation, voice generation for audiobooks, and cover art creation.