Stability AI, a London, UK-based community-driven, open-source artificial intelligence (AI) company, announced that it raised $101 million in funding.
The round was led by Coatue, Lightspeed Venture Partners, and O'Shaughnessy Ventures LLC.
Stability AI will use the funding to accelerate the development of open AI models for global consumer and enterprise use cases for image, language, audio, video, 3D, and more.
"AI promises to solve some of humanity's biggest challenges. But we will only realize this potential if the technology is open and accessible to all," said Emad Mostaque, founder and CEO of Stability AI. "Stability AI puts the power back into the hands of developer communities and opens the door for ground-breaking new applications. An independent entity in this space supporting these communities can create real value and change."
Stability AI is the developer of Stable Diffusion, a free, open-source text-to-image generator launched in August.
Company: Stability AI Ltd
Funding Month: October 2022
Lead Investors: Coatue, Lightspeed Venture Partners, and O'Shaughnessy Ventures LLC
Company Website: https://stability.ai/
Software Category: open-source AI
About the Company: Founded by Emad MostaqueM, Stability AI is an open-source artificial intelligence (AI) company developing breakthrough technologies to benefit humanity and the world. It designs and implements an open AI tool to create images based on text input given. Stability AI is the developer of Stable Diffusion, an open-source neural network that can generate images based on user text prompts. Since launching, Stable Diffusion has been downloaded and licensed by more than 200,000 developers globally. Stability AI's consumer-facing product DreamStudio quickly grew to well over a million registered users from more than 50 countries who collectively have created more than 170 million images. Its mission is to build open-source AI projects through collaborative research efforts between leaders and experts in their fields.