Months after the founder and former CEO of Stability AI Although a shadow of doubt has been solid over the generative AI startup, it now has a brand new full-time CEO.
According to a report in, Prem Akkaraju, former CEO of visual effects company Weta Digital, is ready to grow to be the brand new CEO of Stability AI. Akkaraju has been CEO of Weta Digital since January 2020 and can be co-founder and chairman of Screening roomStability AI declined to offer an official comment to VentureBeat on the report.
The news comes nearly three months after Stability AI founder and former CEO Emad Mostaque resigned in March. Since then, the corporate has temporarily appointed Stability's Chief Operating Officer (COO) Shan Shan Wong and Chief Technology Officer (CTO) Christian Laforte as co-CEOs.
The reasons for Mostaque's departure included concerns from investors concerning the company's financial viability and its business operations. Mostaque founded Stability AI in 2019 to advance the state of AI. Stability AI is probably best known for its text-to-image generating AI technology, Stable Diffusion, which the corporate has constantly improved. On June 12, Stable Diffusion 3 Medium was released because the fastest and more powerful version of the corporate's text-to-image generation models.
A Reuters report The report, published on May 16, claimed that Stability AI lost over $30 million in the primary quarter of the 12 months, on revenue of lower than five million. The same report said Stability AI is looking for outside investment. The report also claims that along with the brand new CEO, Stability AI will receive a money injection from an investor group led by Sean Parker.
Stability The growing variety of AI models and business models
Stability AI has faced increasing competitive pressure over the past 12 months. In the realm of image generation, where Stable Diffusion exists, OpenAI's Dall-E 3, Midjourney, Ideogram and others are increasingly conquering the market.
However, Stability AI has expanded its offerings beyond just image generation. The company can be developing a code model called Stable Code, which hit big earlier this 12 months. Stability AI also has a text large language model called Stable LM, which incorporates multiple model sizes, including 1.6 billion, 3 billion, and seven billion parameter models.
Audio and video are also areas where Stability AI is energetic. Stable Audio 2.0 was released on April 3 and allows users to generate as much as 3 minutes of audio. Stable Video offers plenty of ways to generate text to video, including the power to create 3D with Stable Video 3D (SV3D).
Underlying all of those AI models is an updated business model that was unveiled late last 12 months. In December 2023, Stability AI announced a membership model, the fundamental idea of which is that organizations that need to use the technology commercially will need a paid membership. Stability AI continues to make a number of the weights for a few of its models available under a non-commercial license.
Beyond membership, the corporate enables access through an API where organizations pay based on usage. This API will be accessed directly or through an interface resembling the Discord bot Stable Artisan, released on May 9.
Founder of Stability AI works on the longer term
Although Stability AI now has a brand new CEO, the previous CEO stays very busy.
Mostaque has posted publicly on X (formerly Twitter) that he’s working on a brand new project called Schelling AI. Not much is currently known about Schelling AI, aside from that it’s designed to advance Mostaque's vision of decentralized AI.
Mostaque told VentureBeat that more details about what Schelling AI actually does shall be announced in July.
