Stability AI, an artificial intelligence company known for the Stable Diffusion model, has announced a new round of funding from investors including Greycroft, Coatue, Sound Ventures, Lightspeed, O’Shaughnessy Ventures, as well as individuals Sean Parker, Eric Schmidt, Robert Nelsen, and Prem Akkaraju.
Previously, there were reports of financial troubles at Stability AI, prompting the company to consider selling its business. However, with this new round of funding, the exact amount remains undisclosed but is said to be significant.
Following the funding, Prem Akkaraju, one of the investors, will step in as the new CEO of Stability AI. Akkaraju, who previously served as the CEO of Weta Digital, a company specializing in visual effects with notable works such as Avatar and The Lord of the Rings trilogy.
Source: LinkedIn: Stability AI
TLDR: Stability AI secures additional funding from various investors, with Prem Akkaraju taking on the role of CEO, bringing extensive experience from the visual effects industry.
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