Logo

Home Technology Artificial intelligence Intel provides new funding to ...

Intel provides new funding to support Stability AI


Artificial Intelligence

support Stability AI

According to individuals familiar with the situation, Stability AI has secured fresh funding headed by chipmaker Intel Corp. The funding comes at a crucial moment for the business.

The deal, which closed in October, saw Stability, an artificial intelligence startup best known for its well-liked Stable Diffusion image-generating software, raise just under $50 million in the form of a convertible note, according to people who spoke about private information but asked not to be named.

A representative for Stability stated in a statement that the company has "received repeated interest from both major venture capital and strategic investors in fundraising over the last few months." Chief Executive Officer of Stability Emad Mostaque wrote on Tuesday on X, formerly known as Twitter, saying, "We closed strategic funding ourselves last month (announcements soon)."

Intel did not respond to inquiries about funding. The agreement was finalized after the chipmaker identified Stability as the "anchor customer" and said in September that it was constructing an AI supercomputer with its Xeon processors and 4,000 Gaudi2 AI processors.

The announcement comes after a trying time for Stability, which recently let go of over six senior staff members, including the head of human resources, as Bloomberg previously revealed. Stability stated in a statement that for a startup, turnover is typical.

Conflicts have also arisen between the business and a few of its board members. Significant supporters of Coatue Management expressed concerns about Mostaque's leadership, according to sources with knowledge of the matter who requested anonymity due to the sensitive nature of the discussions.

Business News

Recommended News

Latest  Magazines