- Inworld AI has raised over $50 million in its latest funding round, bringing its total valuation to $500 million.
- The funding round was led by Lightspeed Venture Partners and included contributions from Stanford University, Samsung Next, Microsoft’s M12 fund, and others.
Game developer Inworld AI has successfully concluded its latest funding round, significantly increasing the company’s valuation to $500 million. The round garnered significant interest from prominent investors, including Lightspeed Venture Partners, Stanford University, Samsung Next, Microsoft’s M12 fund, Eric Schmidt’s First Spark Ventures, and LG Technology Ventures. Inworld AI intends to utilize the funds raised for various purposes aimed at advancing its research and development initiatives, expanding its workforce, and reinforcing its infrastructure.
Inception and Focus
Founded in July 2021 by former Google, DeepMind, and API.AI developers, Inworld AI has made significant strides in the gaming industry. The company is known for its flagship product, the Character Engine, which leverages artificial intelligence to enhance the interactivity of non-player characters (NPCs) in video games. This groundbreaking technology has already led to the creation of in-game modifications for popular titles such as Skyrim, Stardew Valley, and Grand Theft Auto V.
Recognition and Participation
In recognition of its innovative work, Inworld AI was selected as one of six companies to participate in the esteemed 2022 Disney Accelerator program. The company’s engagement in this initiative focused on projects centered around augmented reality, non-fungible tokens (NFTs), and artificial intelligence.
Commitment to Collaboration and Open Source
According to Ilya Gelfenbeyn, co-founder of Inworld AI, the company’s future plans center around fostering collaboration within the gaming industry. Gelfenbeyn expressed intent to open-source portions of the Inworld platform, emphasizing the fruitful outcomes that result from collaborative efforts. By partnering with the open-source community, Inworld AI aims to drive innovation in the field of generative AI, leading to significant advancements throughout the gaming industry.
Investment Landscape in AI Development
The success of Inworld AI’s funding round is reflective of the growing interest and investment in artificial intelligence (AI) development within the gaming sector. Notable examples include Nvidia and Microsoft, both backed by Inflection AI, which raised an impressive $1.3 billion in June. Additionally, Runway AI secured $141 million in funding during the same month, indicating a robust financial landscape for AI developers.
