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Stability AI raises USD 80 million in funding and appoints Prem Akkaraju as new CEO
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Jun 21, 2024
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Jun 21, 2024

Stability AI raises USD 80 million in funding and appoints Prem Akkaraju as new CEO

Management news
Funding

  • Stability AI, the developer of the Stable Diffusion text-to-image model, has reportedly raised USD 80 million in funding from Greycroft, Coatue Management, Sound Ventures, Lightspeed Venture Partners, O'Shaughnessy Ventures, and Sean Parker, among several others. 

  • The company plans to use the funding to accelerate its growth and develop new products. Additionally, the company appointed Prem Akkaraju as its CEO. Prem Akkaraju previously served as the CEO of Weta Digital, a visual effects company. Moreover, Akkaraju is part of the investor group that had stepped in to provide cash to the company.

  • Analyst QuickTake: This news comes after Stability AI announced plans to raise funds to settle its USD 100 million debt to cloud computing providers and others. Notably, the month before, the company laid off 10% of its workforce due to its strategic restructuring plan, which involved reducing costs and increasing investor and partner relations.

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