Get the latest tech news
Stability AI Appoints New CEO
British startup Stability AI has appointed Prem Akkaraju as its new CEO. The 51-year-old Akkaraju, former CEO of visual effects company Weta Digital, "is part of a group of investors including former Facebook President Sean Parker that has stepped in to save Stability with a cash infusion that could...
The 51-year-old Akkaraju, former CEO of visual effects company Weta Digital, "is part of a group of investors including former Facebook President Sean Parker that has stepped in to save Stability with a cash infusion that could result in a lower valuation for the firm," reports the Information(paywalled). "The new funding will likely shrink the stakes of some existing investors, who have collectively contributed more than $100 million." The move followed a report in April that claimed the company ran out of cash to pay its bills for its rented cloud GPUs.
Or read this on Slashdot