A self-publishing platform, Inkitt, has secured $37 million in a Series C funding round led by Vinod Khosla of Khosla Ventures. This brings the total raised by the company to $117 million. Inkitt aims to use AI to identify and develop best-selling content and build a new “Disney” for the 21st century around that content.
Key Takeaway
Inkitt, a self-publishing platform, has raised $37 million in a Series C funding round led by Khosla Ventures. The company plans to use AI to develop best-selling content and expand into games, audiobooks, and video content.
AI-Powered Self-Publishing
Inkitt’s platform allows individuals to self-publish stories. Using AI and data science, the platform selects the most compelling stories to refine and distribute through its Galatea app. With 33 million users and numerous bestsellers, Inkitt plans to use the new funding to expand its content production, including AI-generated stories based on original ideas, personalized fiction, games, audiobooks, and video content adapted from its platform.
Challenging the Publishing Industry
Inkitt’s long-term vision is to expand its content library and create a multimedia empire. The company aims to provide innovative ways of delivering books, such as shorter chapters suitable for mobile devices and incorporating effects to enhance the reading experience. By focusing on reader preferences and leveraging data, Inkitt aims to increase reading time and engagement.
Thriving Amidst Challenges
Despite the decline in reading time over the years, Inkitt has experienced a significant increase in engagement. The company attributes this to people seeking an escape, particularly during the post-pandemic period. Inkitt claims to rank as the 11th best-selling publisher globally, with revenues doubling in the last year.
