Inkitt's approach involves using data from A/B tests on various aspects of a work, such as titles and story arcs, to understand what performs best and apply these learnings to subsequent publications. The company claims its algorithms give it a 20x higher success rate than traditional publishers for publishing a best-selling book. Future plans include generating stories using AI and personalizing stories using AI algorithms. The company is also experimenting with various large language models (LLMs) for narrative construction and automatic translation into 10 languages. The latest funding round brings Inkitt's total raised to date to $117 million and values the company at around $400 million post-money.
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, bringing its total funding to $117 million.
- The company plans to use the funding to expand its content, including AI-written stories, personalized fiction, games, audiobooks, and more video content.
- Inkitt's app has attracted 33 million users and has produced dozens of bestsellers. The company's CEO, Ali Albazaz, aims to build a multimedia empire around its content library.
- The Series C funding round was led by Vinod Khosla of Khosla Ventures, with participation from previous backers NEA, Kleiner Perkins, and Redalpine, among others. The investment values Inkitt at around $400 million post-money.