Stability AI, the company funding the development of open-source music- and image-generating systems like Dance Diffusion and Stable Diffusion, has announced that it raised USD 101 million in a funding round led by Coatue and Lightspeed Venture Partners with participation from O’Shaughnessy Ventures LLC.
The tranche values the company at USD 1 billion post-money, according to a Bloomberg source, and comes as the demand for AI-powered content generation accelerates. The capital from the funding round will support deploying custom versions of Stable Diffusion for users at a larger scale and investing in more supercomputing power.
It’ll also be put toward hiring more people to grow to about 300 employees from 100 over the next year.
Read More: Stability AI, the startup behind Stable Diffusion, raises $101M
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