Synthetic Media Startup Stability AI Raises $101M
Synthetic media developer Stability AI has raised $101 million in a seed funding round led by led by Lightspeed Venture Partners, Coatue, and O’Shaughnessy Ventures. Stability AI’s open-source text-to-image Stable Diffusion and DreamStudio platform and API have have rapidly risen in popularity since their debut this summer and the new capital will go toward iterating Stability AI’s technology and expanding its business capabilities.
More than 200,000 developers have downloaded and licensed the Stable Diffusion text-to-image generator since August. Stability AI created DreamStudio, the consumer platform and API for Stability AI’s models is still in beta, but more than a million users have registered from dozens of countries, collectively producing more than 170 million images out of text prompts. That kind of demand helped the London-born startup oversubscribe its funding round. The company is working on developing new custom models and has hinted that it will expand from images into AI-generated audio, video, and text in the future
“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,” Stability AI CEO Emad Mostaque said. “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.”