Self-publishing website Inkitt raised another $37 million in Series C financing, led by Khosla Ventures. valuing the company at about $400 million post-money. (That’s only slightly above where they stood after raising $57 million in 2021.) Unfortunately, the capital will help fund “AI to write stories based on your original ideas, and to produce versions of its fiction personalized for specific readers” among other purposes. The facile tech media repeats CEO and founder Ali Albazaz’s claim that “Inkitt, in aggregate, ranks as the number 11 best-selling publisher globally” — to which TechCrunch amusingly adds “above household names like Penguin Random […]
