The London-founded AI startup behind Stable Diffusion closed a $76 million Series B round led by new investors Sony Music Group, Universal Music Group, and Warner Music Group, with participation from Electronic Arts, AMD Ventures, and Pacific Alliance Ventures. Existing backers Coatue, Greycroft, Eric Schmidt, and Sean Parker also joined. The company will use the funds to fuel creative production and research.
Stability AI, which has shifted its focus from the UK to the US with an LA office, says the round brings total funding to $232 million. CEO Prem Akkaraju took over in June 2024 after founder Emad Mostaque was ousted amid internal turmoil. The deal follows partnerships with Warner and Electronic Arts to build AI models using their catalogs.