Sep 18, 2023
Stability AI Secures $100 Million in Funding to Expand Generative AI Tools for Creatives
Stability AI has successfully obtained $100 million in seed financing to further its development of tools aimed at creative professionals, including artists, designers, and musicians. Founded in 2022 by Emad Mostaque, a former engineer at DeepMind and Google AI, the startup operates with the goal of making generative AI technology widely accessible.
Since initiating its AI programs in 2021, Stability AI has cultivated a large community consisting of over 200,000 creators, developers, and researchers, alongside a network of global research hubs. The company's open-source orientation is foundational to its strategy, facilitating ongoing research in a range of fields from imaging and language to biotech and other scientific disciplines. Collaborating with Amazon Web Services, Stability AI has access to the Ezra-1 UltraCluster, the world's fifth-largest supercomputer, thereby bolstering its research and development capabilities.
Among Stability AI’s product offerings is Parti, an image-generating model that translates text descriptions into high-quality visual representations. In August 2022, the company also co-launched Stable Diffusion, a text-to-image model that saw its second iteration, Stable Diffusion 2.0, released in November of the same year. The use of the Ezra-1 UltraCluster was instrumental in the development of this model. Stable Diffusion's open-source platform has seen considerable success, with mobile applications based on the model experiencing high download rates shortly after its 2.0 release. In addition, the product suite under the Stable Diffusion brand has attracted over 40 million users via Stability AI’s DreamStudio imaging tool and third-party applications such as Lensa, Wonder, and NightCafe.
April 2023 marked the release of two other significant Stability AI products: StableLM, the company's first language model, and StableVicuna, an open RLHF LLM Chatbot.
The seed funding round was spearheaded by Accel and saw contributions from Founders Fund, Index Ventures, among others. The capital will be channeled towards expanding the engineering team and fostering new product development.
Implications for the Creative Industry
The capital influx into Stability AI signifies growing investor confidence in the transformative capacity of generative AI for creative industries. Such technologies have the potential to automate and enhance the creation of diverse content types, from images and music to text, offering creative professionals both time and cost efficiencies. The continued advancement of generative AI platforms like those offered by Stability AI indicates a likely ongoing impact on creative professions, positioning those who adapt to these new tools for greater success in a rapidly evolving field.