Stability AI, the company behind the Stable Diffusion image generation model, has raised $76 million in Series B funding. The new investment brings the company's total fundraising to $232 million.
The round was announced on Tuesday and includes backing from entertainment companies Universal Music Group, Sony Music Group and Warner Music Group, as well as gaming firm Electronic Arts. Investment firms AMD Ventures and Pacific Alliance Ventures also participated.
Stability AI chief executive Prem Akkaraju described the funding as “an affirmation of our vision where generative AI empowers every producer, musician, and storyteller.” The company said it will use the money to continue developing its creative production products and expand its professional services arm.
Stability has recently signed partnerships with Universal Music and EA, and with Warner Music, to co-develop AI tools for creative workflows. The company also largely won a UK copyright case brought by Getty Images, though a similar US case is still ongoing.