It was only a 12 months ago that the news that a novel was published in a number of days by writing with 'ChatGPT' and drawing with 'Dali' became referred to as an overseas topic. This time, an American creative writing platform that uses generative artificial intelligence (AI) writing technology has recently succeeded in attracting $37 million (roughly 49.3 billion won) in investment.
The corporate announced that its platform ranks eleventh among the many best-selling publishers worldwide and that it’ll construct a multimedia content empire based on this.
TechCrunch reported on the twenty seventh (local time) that startup Inkit succeeded in attracting $37.99 million in Series C investment for its writing creation AI platform.
In line with this, this round was led by Khosla Ventures, a well known open AI investment company, and famous investors similar to existing investors NEA, Kleiner Perkins, and Redalfin participated. Thus far, a complete of $117 million has been raised through three investment rounds, bringing the corporate's value to $400 million.
Inkit currently claims to have 33 million users and dozens of bestsellers. Particularly, it ranked eleventh among the many best-selling publishers worldwide, surpassing famous publishers, and claimed that publishing through AI algorithms has a 20 times higher success rate than existing publishers.
Like other similar platforms, this company selects interesting material, creates an article using a big language model (LLM), modifies it, and makes it public. Books which have gained a certain level of recognition could be made public to readers and generate revenue through a separate platform called ‘Galateia.’
Nevertheless, we’re testing several LLMs, including Open AI, Antropic AI, and Mistral AI, and alternately introducing models in a user-defined form in line with the writing type. For instance, Mistral AI's model is suitable for writing short passages.
“LLMs, on average, produce very poor writing,” said Ali Albazaz, Founder and CEO of Inkit. “The underside line is that LLMs alone cannot create best-selling content, and we do that with the info we now have collected over the past few years.”
The multimedia strategy was also effective. All books are robotically published in 10 languages through DeepL’s skilled translation solution. One other essential part is that it’s published not only in text form but additionally in audiobook form. It was focused on the proven fact that text consumption is decreasing attributable to the spread of smartphones. Eleven Labs technology is used here. Moreover, the duvet production was entrusted to Midjourney.
And as a way to make the book suitable for readers' tastes, we conduct AB tests on various points similar to the title, story, and introduction, and supply related data. The reason is that this increases the likelihood of success within the sequel.
Ali Albazaz, founder and CEO of Inkit, said that through this, profits doubled last 12 months. He claimed that the book ‘Beautiful Mistakes’ earned $500,000. Nevertheless, he refused to reveal details about total sales or profit sharing with writers.
CEO Albajaz announced that through this investment, he’ll expand the platform beyond audiobooks to multimedia similar to games and videos. “The vision is to expand our content library and construct a multimedia empire around it,” he said.
Along with Inkit, several publishing projects based on generative AI are underway at home and abroad. In Korea, representative examples include Instapay and Isaac Nobel.
Reporter Lim Da-jun ydj@aitimes.com