Stability AI Reaches Unicorn Status

Stability AI has raised $101 million in a seed round led by Coatue Management and Lightspeed Venture Partners.

After the new funding round has been completed London-based Stability AI is now valued at around $1 billion, according to Bloomberg.

The company owns Stable Diffusion, an artificial intelligence tool that makes digital art, similar to the one produced by DALL-E 2. The way it works is people type in a description of an image and the program spits out a realistic or surrealistic picture.

Stable Diffusion is distinguished from its competitors by its open-source software that is available to the public. Users can build on its code to produce applications related to design, film, augmented reality, video games, advertising and even e-commerce. It also works on small devices.

Its web application DreamStudio has more than 1.5 million users and Stable Diffusion has more than 10 million daily users across all channels, according to Emad Mostaque, chief executive officer of Stability AI.