Top open-source investors Coatue and Lightspeed Venture Partners back the only independent multimodal AI company in oversubscribed round
LONDON and SAN FRANCISCO, Oct. 17, 2022 /PRNewswire/ -- Stability AI , the world's first community-driven, open-source artificial intelligence (AI) company today announced USD $101 million in funding. The oversubscribed 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 image, language, audio, video, 3D, and more, for consumer and enterprise use cases globally.
"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 company behind Stable Diffusion, a powerful, free and open-source text-to-image generator that launched in August. Since launching, Stable Diffusion has been downloaded and licensed by more than 200,000 developers globally. Stability AI's consumer-facing product DreamStudioquickly grew to well over a million registered users from more than 50 countries who collectively have created more than 170 million images.
"At Coatue, we believe that open source AI technologies have the power to unlock human creativity and achieve a broader good," explained Sri Viswanath, general partner at Coatue. "Stability AI is a big idea that dreams beyond the immediate applications of AI. We are excited to be part of Stability AI's journey, and we look forward to seeing what the world creates with Stability AI's technology."
"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.
Headquartered in London with developers distributed across the globe, Stability AI was founded by Emad Mostaque as the first open-source, artificial intelligence (AI) company developing breakthrough technologies for the benefit of humanity and the world. For more information, visit stability.ai.
SOURCE Stability AI