According to a report by The Information, British AI startup Stability AI has appointed Prem Akkaraju as its new CEO. Akkaraju previously served as the CEO of visual effects company Weta Digital and is also one of the investors in Stability AI. The company boasts a strong lineup of investors, including former Facebook president Sean Parker, with total investments exceeding $100 million.

Stability AI's former CEO, Mostaque, resigned in March due to concerns from investors about the company's financial viability. However, Stability AI did not stall as a result. The company has made significant strides in improving its text-to-image generation AI technology and released Stable Diffusion3Medium on June 12, a new model that is the fastest and most performant version of its text-to-image generation technology.

The appointment of new CEO Prem Akkaraju, who brings extensive experience in the visual effects field, is seen as a pivotal milestone for Stability AI's new development phase. Under Akkaraju's leadership, Stability AI is expected to achieve further breakthroughs in text-to-image generation technology and other AI applications.

The release of Stable Diffusion3Medium marks another significant advancement in Stability AI's text-to-image generation technology. This version not only boasts a substantial increase in generation speed but also achieves new heights in image quality and detail, offering users an enhanced experience.