Inkitt, a San Francisco-based startup that has an eponymous app with which users can self-publish stories, has raised $37 million (approx. ₹307 crore). The funding's aim, the company says, is to use artificial intelligence (AI) to ‘build a new Disney around content.’
Inkitt says it already has 33 million (3.3 crore) users and 'dozens of bestsellers' (Image: inkitt.com)
{{^htLoading}} {{/htLoading}}
The money has been raised via a Series C round, the firm, which was founded in Berlin, told TechCrunch.
“The new funding will be used to expand the kind of content it (the app) produces: AI to write stories based on your original ideas, and to produce versions of its fiction personalised for specific readers; a move into games and audiobooks; and, more video content adapted from fiction published on its platform – video that is produced with humans today but will, eventually, also be generated using AI,” Inkitt told the website.
The longer-term vision is to expand the app's content library, followed by building a ‘multimedia empire’ around it, said Ali Albazaz, Inkitt's CEO and founder.
The Series C round
{{^htLoading}} {{/htLoading}}
{{^usCountry}}
The round to raise $37 million was led by Vinod Kholsa of Khosla Ventures, with NEA and Kleiner Perkins – the startup's previous backers – participating as well, along with some undisclosed investors.
{{/usCountry}}
{{#usCountry}}
The round to raise $37 million was led by Vinod Kholsa of Khosla Ventures, with NEA and Kleiner Perkins – the startup's previous backers – participating as well, along with some undisclosed investors.
{{/usCountry}}
Also, this was the company's fourth funding round, having already raised $3.9 million (seed), $16 million (Series A) and $59 million (Series B), meaning that the total investments in the firm stand at $115.9 million.
Additionally, at least one publisher has already made an offer to acquire Inkitt, which, post Series C, is valued at around $400 million (approx. ₹3320 crore) post-money.
How Inkitt works
After people have self-published stories through it, the eponymous app uses AT and data science to select what it believes are the ‘most-compelling’ stories, and tweak. The tweaked story is subsequently distributed and sold on a second app, Galatea.
{{^htLoading}} {{/htLoading}}
The platform's business has attracted 33 million (3.3 crore) users and ‘dozens of bestsellers,’ according to CEO Albazaz, who further stated that globally, the platform ranks as the eleventh best-selling publisher.
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.
Stay updated with the latest Technology News, gadget launches, app updates, artificial intelligence and digital trends. Find reviews, comparisons and useful insights from the world of tech.
Stay updated with the latest Technology News, gadget launches, app updates, artificial intelligence and digital trends. Find reviews, comparisons and useful insights from the world of tech.
Home/Technology/Self-publishing platform for books raises $37 mn to use AI to ‘build new Disney'
