British AI company Stability AI has garnered significant attention for its image generator Stable Diffusion, yet it has faced numerous commercial challenges.
Image source note: The image is generated by AI, provided by the image licensing service Midjourney
Now, the company has announced a major round of financing, including a group of new investors such as Facebook's former president and Napster co-founder Sean Parker, and former Google CEO Eric Schmidt is also among the investors.
At the same time, Prem Akkaraju, former CEO of film production and visual effects company Weta Digital, will take over as the new CEO of Stability AI.
These changes mark Stability AI's quest to reboot the company through new leadership and funding infusion. Emad Mostaque, the former CEO and co-founder of Stability, resigned in March.
Key Points:
⭐ British AI company Stability AI announces significant new investment, including Facebook's former president Sean Parker and former Google CEO Eric Schmidt.
⭐ Prem Akkaraju, former CEO of film production and visual effects company Weta Digital, will assume the role of new CEO at Stability AI.
⭐ These changes indicate that Stability AI is seeking to reboot the company through new leadership and funding to address previous litigation, misuse, and other commercial issues.