Stability AI first gained attention in 2022 with Stable Diffusion, its open-source text-to-image model. The company has continued to prioritize open-source models while expanding into other forms of generative media.
In May, Stability introduced Stable Audio 3.0, an audio model built using licensed data. The release came as record labels and other rights holders were weighing how to work with AI music generators that had initially been trained using unlicensed material. “This unmatched group of investors is an affirmation of our vision where generative AI empowers every producer, musician and storyteller,” Akkaraju said in a statement. “Stability is unique in the AI field because we are creative people making tools for creatives. Developing industry-defining technology means assembling a team of industry-defining titans and that’s what we have done here.”
The Series B also includes investments from Eric Schmidt and Stability AI board member Sean Parker, both of whom had previously backed the company. Greycroft, Kadmos Capital and Coatue also returned as investors.
Coatue co-founder Thomas Laffont will join Stability AI’s board as part of the round. “While others are building generalized AI, Stability AI is building creative tools, and doing it alongside the artists, studios, and rights holders whose work defines the field,” Laffont said in a statement. “I’m glad to be joining Prem and the team.”
Akkaraju joined Stability AI as CEO in 2024. The company now counts some of the largest music labels and a major game publisher among its investors as it continues developing generative AI products centered on creative applications.
This analysis is based on reporting from Variety.
Image courtesy of Stability AI.
This article was generated with AI assistance and reviewed for accuracy and quality.
