Stability AI completes $76 million Series B funding

According to TechCrunch, AI image generation model Stable Diffusion developer Stability AI has completed a $76 million Series B funding round, bringing its total funding to $232 million. Investors in this round include Universal Music Group, Sony Music Group, Warner Music Group, and gaming giant EA, as well as AMD Ventures and Pacific Alliance Ventures.

Since last year, Stability AI has partnered with companies such as Universal Music, EA, and Warner Music to jointly develop generative AI tools. CEO Prem Akkaraju described this funding round as "an affirmation of the vision to empower creators with generative AI." The new funds will be used to expand the creative product suite and professional services business. Stability previously achieved a significant victory in a copyright lawsuit in the UK, where Getty Images accused it of using copyrighted images to train its model; the judge ruled in favor of Stability, but similar lawsuits by Getty in the US are still ongoing.