Stability AI has officially announced substantial funding from a new group of investors. The company has appointed Prem Akkaraju as CEO and Sean Parker as Executive Chairman. This development aims to accelerate Stability AI growth and enhance its ability to deliver generative AI products for consumers and enterprises. The company reaffirms its commitment to open-source principles while expanding its focus on enterprise solutions and content creation tools.
Key details:
- Investors include Greycroft, Coatue Management, Sound Ventures, and Lightspeed Venture Partners
- Sean Parker, Eric Schmidt, and Prem Akkaraju are among the individual investors
- According to WSJ, the investors committed $80M new funding, obtained forgiveness of $100M in debt and were released from $300M in future obligations
- Prem Akkaraju, former CEO of Weta Digital, appointed as new CEO
- Sean Parker joins as Executive Chairman alongside new board members, said to "remain committed to the open-source principles that Stability AI was built upon"
- Shan Shan Wong and Christian Laforte will remain with the company as COO and CTO
- Stable Diffusion has had over 150M total downloads
- Stable Diffusion 3 reached 2M downloads since its launch
Source: Stability AI
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