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Stability AI appoints new CEO, the Information reports

Reuters
·1-min read
Illustration shows Stability.ai logo

(Reuters) -British artificial intelligence startup Stability AI has appointed Prem Akkaraju as its new chief executive officer, the Information reported on Friday, citing a person involved in the decision.

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, which could result in a lower valuation for the firm, the report said.

The new funding will likely shrink the stakes of some existing investors, who have collectively contributed more than $100 million, according to the report.

Stability AI declined to comment.

The company had said in May it was in talks with a group of investors for a large equity investment into the cash-strapped firm.

(Reporting by Juby Babu in Mexico City; Editing by Shilpi Majumdar)