Stability AI Founder and CEO Emad Mostaque Resigns From His Role To Purse ‘Decentralised Artificial Intelligence’
Stability AI is known for its image generation tool called 'Stable Diffusion'. According to reports, the startup has not been able to raise new funds at a $4 billion valuation.
San Francisco, March 24: Stability AI Founder and CEO, Emad Mostaque, has resigned from his role to pursue ‘decentralised artificial intelligence (AI)'. Backed by investors like Lightspeed Venture Partners and Coatue Management, Stability AI has appointed Shan Shan Wong, its Chief Operating Officer, and Christian Laforte, Chief Technology Officer, as the interim co-CEOs of Stability AI.
The company said in a statement that it is actively searching for a permanent CEO. “On behalf of the Board of Directors, I want to thank Mostaque for his leadership and relentless commitment to Stability AI and the open source movement,” said Jim O’Shaughnessy, Chairman of the Board. Google Rolls Out ‘AI Overviews’ in Its Search Interface To See How GenAI Powered Overview Would Help General Population: Report.
“As we search for a permanent CEO, I have full confidence that Shan Shan Wong and Christian Laforte, in their roles as interim co-CEOs, will adeptly steer the company forward in developing and commercialising industry-leading generative AI products,” he added.
Stability AI is known for its image generation tool called 'Stable Diffusion'. According to reports, the startup has not been able to raise new funds at a $4 billion valuation. Amazon India Seller Fees: Consumers To Pay More on Certain Online Products As E-commerce Giant Set To Revise Its Seller Fee Structure From April 7.
“I am proud two years after bringing on our first developer to have led Stability to hundreds of millions of downloads and the best models across modalities,” said Mostaque. “I believe strongly in Stability AI’s mission and feel the company is in capable hands. It is now time to ensure AI remains open and decentralised,” he added.
(The above story first appeared on LatestLY on Mar 24, 2024 10:04 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).