Stability AI, creators of Stable Diffusion, welcomes new chief and investors

26 June 2024 , 11:43

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Stability AI has received an influx of investments led by tech mogul Sean Parker, who previously served as Facebook's president and was one of Napster's founders (Image: 2017 Invision)

Stability AI, the troubled artificial intelligence firm behind image generating software Stable Diffusion, is attempting a fresh start with a new chief executive and an influx of investments led by tech mogul Sean Parker, who previously served as Facebook's president and was one of Napster's founders.

The launch of Stable Diffusion with its instantly produced AI art and lifelike images ignited public interest in generative AI. However, the London-based company has faced challenges capitalising on the success of its open-source tech, grappling with legal action, misuse and various business issues.

On Tuesday, the company unveiled what it labelled a "significant" investment from a group including Parker, who will now preside over the board. Other contributors include venture capital companies along with former Google chief executive Eric Schmidt.

Another investor, Prem Akkaraju, is becoming CEO. He’s the former CEO of film production and visual effects company Weta Digital. Emad Mostaque, who co-founded Stability and functioned as previous CEO, left in March.

Lawrence Matheson