Stability AI raised $80 million and appointed Prem Akkaraju as CEO following founder Emad Mostaque’s exit. Investors include Coatue Management, Lightspeed Venture Partners, and Eric Schmidt. Akkaraju and Sean Parker joined the board. The company, facing financial struggles, secured deals to forgive $100 million in debt. Mostaque left in March, and the company restructured, laying off staff.
Stability AI raised $80 million and appointed Prem Akkaraju as CEO following founder Emad Mostaque’s exit. Investors include Coatue Management, Lightspeed Venture Partners, and Eric Schmidt. Akkaraju and Sean Parker joined the board. The company, facing financial struggles, secured deals to forgive $100 million in debt. Mostaque left in March, and the company restructured, laying off staff.