Prem Akkaraju became the new CEO of Stability AI, which received an investment of 80 million dollars

artificial intelligence company Stability AIhas been subject to lawsuits, cash shortages, changes in management and layoffs I have told you before that there are some problems in line with we had transferred. In March the company CEO and founder Emad Mostaque‘in leaving the company next Stability AIits new CEO yesterday Prem Akkaraju He declared that it was. However, the company came to the fore after receiving an investment worth $80 million.

Details of the investment tour

By the way, let us say that Prem Akkaraju is also among the investors in Stability’s newly announced investment round. among investors Google CEO Eric Schmidt, former Facebook president Sean Parker ve venture capitalist Robert Nelsen is located. In addition Greycroft, Coatue Management, Sound Ventures, Lightspeed Venture Partners ve O’Shaughnessy Ventures also joined the tour.

Information shared by the Wall Street Journal according to; the investment in question 80 million dollars worth. According to what is reported; Beyond providing financing, investors persuaded Stability AI suppliers to forgive more than $100 million in debt and $300 million in spending obligations.

Stability AI’s models

In its statement yesterday, the company stated that its artificial intelligence models have been downloaded more than 150 million times to date. Stability AI is developing Stable Diffusion, an open-source AI model focused on image creation and editing. In addition to Stable Diffusion, the company also offers neural networks for generating audio files, videos, and code. Recently, the text-to-image model SD3 MediumThe company that announced Stable Audio Open published a new open source artificial intelligence model called. It is stated that the company financed all these developments with the $101 million investment it received in 2022.

Prem Akkaraju explained that Stability AI will continue to release open models for the community while meeting the AI ​​demands of large-scale companies. The company plans to release products for developers in the future and also aims to launch special artificial intelligence models that meet the needs of corporate customers.