Stability AI gets new CEO and funding

Stability AI, the startup behind Stable Diffusion, has appointed a new CEO and secured additional funding. Prem Akkaraju, former CEO of Weta Digital, will take over leadership of the company. A group of investors led by ex-Facebook president and Napster co-founder Sean Parker is providing fresh capital. Parker will become chairman of the board. Financial details were not disclosed. Stability AI has recently faced financial challenges and employee departures. In Q1, the company reportedly generated less than $5 million in revenue while losing over $30 million, according to The Information. Stability also owes nearly $100 million to cloud providers. The startup currently has about 170 employees.