Generative AI company Stability AI says it is poised to accelerate development of its text-to-image products thanks to a new round of investment and a change in management.
The Downfall of Stability.ai – SD3 Banned on CivitAI – Stable Diffusion
The model developer announced on Tuesday that it has secured investors including venture capital outfits Greycroft and Coatue Management, plus former Facebook president Sean Parker and Prem Akkaraju, a former CEO of special effects house WETA Digital. Parker will serve as executive chairman and Akkaraju will become CEO. Other notable names among the new investors are former Google and Novell CEO Eric Schmidt, and investor Robert Nelsen, who has been involved in 47 companies that have reached billion-dollar valuations.
Parker is quoted as saying the company will stick to its open source principles and pursue four markets
Stability AI has not had a permanent CEO since its founder Emad Mostaque quit in March, reportedly due to investor dissatisfaction over financials that were apparently so poor it was struggling to pay its cloud bills. Regardless of the status of the outfit's books, it made significant redundancies.
