Stability AI secures $80m from Lightspeed, Coatue, and Greycroft to expand generative AI products
The London-based unicorn has appointed Prem Akkaraju as chief executive alongside its latest financing.
≈ £63.4M at $1 = £0.7923 on 26 Jun 2024
Stability AI develops open-source generative models for imaging, text, and audio, anchored by its flagship Stable Diffusion software.
Stability AI has secured $80m in fresh financing to accelerate its development of generative intelligence models. The round drew backing from a consortium including Lightspeed Venture Partners, Coatue Management, and Greycroft, alongside notable technology executives.
The capital will support the company as it scales the delivery of its machine learning products for both consumer and enterprise markets. Alongside the financing, the business announced leadership changes, appointing Prem Akkaraju as chief executive and former Facebook president Sean Parker as executive chairman.
From the founder
"Stability AI is the backbone of the visual AI ecosystem. The Company’s world-class team, breakthrough models, and unique developer network attracted me to take on the CEO role. We will continue to release the most cutting-edge open models for the community while meeting the overwhelming demand for AI solutions from large-scale corporations. Additionally, Stability AI is now in an ideal position to spearhead the real convergence of generative AI and studio content."
Prem Akkaraju
CEO at Stability AI
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
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About the company
Stability AI
London-based Stability AI builds open-source generative models across imaging, audio, and code.