Stability AI Names Prem Akkaraju as New CEO Following $100 Million Investment

June 22, 2024 – According to a report by The Information, citing sources close to the decision, Stability AI, a UK-based artificial intelligence startup, has appointed Prem Akkaraju as its new Chief Executive Officer.

Akkaraju, the former CEO of visual effects company Wētā FX, is part of a group of investors that includes Sean Parker, the former president of Facebook.

The report states that these investors have collectively contributed over US$100 million (approximately RMB 728 million), and this new infusion of capital may dilute the shares of some existing investors.

At present, Stability AI has declined to comment on the matter.

Previously, it was reported that Stability AI was revealed to be in debt of nearly US$100 million and was in discussions with investors regarding financing.

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