Believing everyone has a story to tell, Inkitt, a startup, is leveraging AI to transform these stories into bestsellers and establish a 21st-century equivalent of Disney around this content. The company has recently secured $37 million to support this vision.
The Inkitt app enables individuals to self-publish their stories. Through the use of AI and data science, the platform identifies the most captivating stories to refine, distribute, and sell on its Galatea app.
With 33 million users and numerous bestsellers already under its belt, the startup plans to utilize the new Series C funding to diversify its content offerings. This includes employing AI to create stories based on original concepts, adjusting fiction to cater to individual readers, expanding into gaming and audiobooks, and developing video content adapted from its published fiction.
CEO Ali Albazaz envisions expanding Inkitt’s content library and establishing a multimedia empire centered around it, aiming to be a contemporary equivalent to Disney rather than competing with platforms like Wattpad.
Lead by Vinod Khosla of Khosla Ventures, the $37 million Series C funding brings Inkitt’s total raised funds to $117 million. As the company gains traction, acquisition offers have surfaced, and investors are eager to fund additional rounds, with Inkitt’s current valuation standing at around $400 million post-money.
Inkitt’s approach to innovate within the declining reading habits landscape seems to be paying off. By tailoring books to readers’ preferences, testing various elements of storytelling through A/B tests, and incorporating multimedia effects to enhance the reading experience, the startup has seen increased engagement across its platforms.
Furthermore, Inkitt’s success extends to newer projects like Galatea TV, reflecting continued growth and profitability. With a focus on undiscovered talent rather than established authors, Inkitt aims to utilize AI to generate stories and personalize content for readers.
To support its vision, Inkitt has experimented with different AI models for narrative construction, language translations, text-to-speech for audiobooks, and cover art generation. The company’s strategy revolves around utilizing a diverse range of AI tools to achieve optimal outcomes.
By capitalizing on the trend toward hyper-personalized entertainment experiences, Inkitt has captured the interest of investors like Vinod Khosla, aligning with his belief in the future of personalized content creation.
Vinod Khosla, though unavailable for an interview, expressed support for Inkitt’s mission in creating customized and impactful content through AI. As the entertainment landscape evolves with AI, Inkitt aspires to lead the charge in delivering tailored stories to every individual.
