Reported 11 months ago
Stability AI, a British AI startup, has named Prem Akkaraju as its new CEO. Akkaraju, who previously served as the CEO of Weta Digital, is part of a group of investors led by former Facebook President Sean Parker that has injected cash into the struggling company. This new funding round may lead to a lower valuation for the firm and a reduction in stakes for existing investors who have already contributed over $100 million. Stability AI did not provide any comments on the matter. The company had previously announced discussions with investors regarding a substantial equity investment.
Source: YAHOO