Source Article
Stability AI Secures Significant New Investment from World-Class Investor Group and Appoints Prem Akkaraju as CEO
Stability AI, a leading generative AI company specializing in imaging, language, code, and audio, has announced a major milestone with the closure of an initial investment round from a world-class cohort of investors. This investment, coupled with the appointment of Prem Akkaraju as CEO, aims to accelerate the company's growth and enhance its generative AI products for both consumers and enterprises.
Key Points:
1. New Investments: Stability AI has secured significant funding from top-tier institutions and tech executives, including Greycroft, Coatue Management, Sound Ventures, Lightspeed Venture Partners, Sean Parker, Prem Akkaraju, Eric Schmidt, and Robert Nelsen.
2. Leadership Change: Prem Akkaraju, former CEO of Weta Digital, is now the CEO of Stability AI. Sean Parker joins the board as Executive Chairman.
3. Company Vision: Stability AI focuses on releasing cutting-edge open models, meeting corporate demand for AI solutions, and integrating generative AI with studio content.
4. Success and Popularity: Stability AI's models are highly popular on platforms like Hugging Face. Stable Diffusion, the flagship model, has seen over 150 million downloads.
5. Enterprise and Community Engagement: The company enjoys substantial enterprise interest and commands a large, active open-source community, reaffirming its commitment to open models.
Prem Akkaraju expressed his excitement about the company's potential, emphasizing Stability AI's role in the generative AI ecosystem and its future plans to foster AI-community collaboration. Sean Parker highlighted the impact of Stability AI's models and reiterated the commitment to open-source principles. The investment is expected to spur further innovation in generative media, encompassing images, video, audio, and more.
Jim O’Shaughnessy, the retiring Chairman, expressed confidence in the new leadership and investor group, while the interim co-CEOs Shan Shan Wong and Christian Laforte will stay on as COO and CTO respectively. Stability AI continues to push the boundaries of creativity and technological integration in the AI space.
Stability AI Secures Significant New Investment from World-Class Investor Group and Appoints Prem Akkaraju as CEO
Stability AI, a leading generative AI company specializing in imaging, language, code, and audio, has announced a major milestone with the closure of an initial investment round from a world-class cohort of investors. This investment, coupled with the appointment of Prem Akkaraju as CEO, aims to accelerate the company's growth and enhance its generative AI products for both consumers and enterprises.
Key Points:
1. New Investments: Stability AI has secured significant funding from top-tier institutions and tech executives, including Greycroft, Coatue Management, Sound Ventures, Lightspeed Venture Partners, Sean Parker, Prem Akkaraju, Eric Schmidt, and Robert Nelsen.
2. Leadership Change: Prem Akkaraju, former CEO of Weta Digital, is now the CEO of Stability AI. Sean Parker joins the board as Executive Chairman.
3. Company Vision: Stability AI focuses on releasing cutting-edge open models, meeting corporate demand for AI solutions, and integrating generative AI with studio content.
4. Success and Popularity: Stability AI's models are highly popular on platforms like Hugging Face. Stable Diffusion, the flagship model, has seen over 150 million downloads.
5. Enterprise and Community Engagement: The company enjoys substantial enterprise interest and commands a large, active open-source community, reaffirming its commitment to open models.
Prem Akkaraju expressed his excitement about the company's potential, emphasizing Stability AI's role in the generative AI ecosystem and its future plans to foster AI-community collaboration. Sean Parker highlighted the impact of Stability AI's models and reiterated the commitment to open-source principles. The investment is expected to spur further innovation in generative media, encompassing images, video, audio, and more.
Jim O’Shaughnessy, the retiring Chairman, expressed confidence in the new leadership and investor group, while the interim co-CEOs Shan Shan Wong and Christian Laforte will stay on as COO and CTO respectively. Stability AI continues to push the boundaries of creativity and technological integration in the AI space.
