AI Startup Inworld Raises $50M to Enhance Game Characters
Video game developer Inworld AI has concluded its latest funding round, raising the company's total valuation to $500 million. Previous reports indicated a raise of $30 million, but in reality, the company secured over $50 million.
Ilya Gelfenbeyn, co-founder of Inworld AI, stated, "We have a long-term vision to support today's developer community and consistently lead amidst the ever-evolving AI landscape for the future."
The funding round was led by Lightspeed Venture Partners with contributions from Stanford University, Samsung Next, and strategic investors including Microsoft’s M12 fund, Eric Schmidt’s First Spark Ventures, and LG Technology Ventures.
"At Lightspeed, we believe AI is poised to revolutionize every aspect of game development, pushing the industry into an unprecedented era of creativity and innovation, where the boundless power of games continues to expand technological frontiers."
Inworld AI was launched in July 2021 by former developers from Google, DeepMind, and API.AI, which Google acquired in 2016.
Inworld AI's primary focus is on the Character Engine, utilizing artificial intelligence (AI) to create more interactive NPC characters in games. The company's AI technology has been used to develop mods in games like Skyrim, Stardew Valley, and Grand Theft Auto V.
Last year, Inworld was among the six companies selected for the Disney Accelerator 2022, focusing on augmented reality, NFTs, and artificial intelligence.
Inworld AI announced that the latest funding round brings their total funding to $100 million, earmarked for research and development, hiring, and infrastructure.
Other AI developers have also seen a surge in investment funding, including Nvidia and Microsoft-backed Inflection AI, which raised $1.3 billion in June 2023, and Runway AI, which raised $141 million in the same month.
Gelfenbeyn outlined future plans, including the open-sourcing of parts of the Inworld platform, emphasizing collaborative efforts to drive innovation.
Gelfenbeyn added, "Alongside the open-source community, we aim to propel innovations in general artificial intelligence to elevate the entire gaming industry."
