The only independent multimodal AI business is backed by leading open source investors Coatue and Lightspeed Venture Partners in an oversubscribed round.
An open source artificial intelligence (AI) business named Stability AI today announced the receipt of $101 million in investment. Stability AI will use the money to expedite the creation of open AI models for picture, language, audio, video, and more, for consumer and enterprise use cases internationally. The oversubscribed round was headed by Coatue, Lightspeed Venture Partners, and O’Shaughnessy Ventures LLC.
Stable Diffusion, a robust text-to-image generator that debuted in August and is free and open source, was created by Stability AI. Over 200,000 developers around the world have downloaded and licenced Stable Diffusion since its release. DreamStudio, a consumer-facing product from Stability AI, swiftly developed to well over a million registered users from more than 50 countries who have together produced over 170 million photos.
“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.”
“At Lightspeed, we believe that an independent company like Stability AI is best positioned to democratize generative AI. The company’s open-source model, along with its collaboration with AI developer communities, has allowed it to innovate rapidly and make the technology freely available to people everywhere,” said Gaurav Gupta, partner at Lightspeed Venture Partners.
