Stability AI closes new investment as Prem Akkaraju becomes CEO
The June 2024 financing brought a new investor group and board leadership; Reuters put the fresh funding at about $80 million.
Stability AI announced a closed investment round on 25 June 2024 alongside Prem Akkaraju’s appointment as chief executive. Sean Parker became executive chairman, while representatives of Greycroft and Coatue joined the board.
The financing paired capital with a change in operating leadership for the company behind Stable Diffusion. Stability said it would continue developing open models while expanding developer workflows, custom enterprise models and tools for professional content production.
Reuters reported roughly $80 million of new funding, citing a person familiar with the matter. Separately reported relief from supplier debts and future obligations was part of the wider restructuring, rather than additional cash raised.
Use of funds
Develop generative AI models and creative products
Expand enterprise models, developer workflows and content-production tools