Inkitt's platform, which allows users to self-publish stories, uses AI and data science to identify and enhance content for distribution and sale on its secondary app, Galatea. The company has found success by catering to mobile users with innovative storytelling methods, such as shorter chapters and sound effects, resulting in a reported "20x" higher success rate for publishing best-selling books compared to traditional publishers. Inkitt's revenue has doubled in the past year, with projects like Galatea TV contributing to its near-profitable status.
Key takeaways:
- Inkitt, a startup that uses AI for content creation and distribution, has raised $37 million in a Series C funding round led by Vinod Khosla from Khosla Ventures, bringing its total raised capital to $117 million and a post-money valuation of approximately $400 million.
- The company plans to use the funding to diversify its content production, including the use of AI to generate stories, creating personalized versions of fiction, venturing into the gaming and audiobook markets, and increasing its video content production.
- Inkitt's platform, which emphasizes shorter chapters for mobile readability and incorporates effects such as sounds, has a user base of 33 million and has seen its revenue double in the past year.
- Google has introduced a new online writing tool called "Help me write," a Chrome extension that uses generative AI to assist users in generating writing suggestions for short-form content.