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Former WETA Digital CEO Prem Akkaraju, Sean Parker Join Stability AI As It Closes Funding Round

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L.A.-based Stability AI named media and tech exec Prem Akkaraju CEO and Napster founder Sean Parker executive chair as the imaging, language, code and audio generative AI company closed an initial investment round.

The fresh capital — although it’s not clear how much — and new leadership “will be instrumental in accelerating Stability AI’s growth and ability to deliver best-in-class generative AI products into the market for consumer and enterprise use,” said the company, which was said to be facing a cash crunch.

Akkajaru, who has worked for years on meeting points for entertainment and tech, said Stability AI is “now in an ideal position to spearhead the real convergence of generative AI and studio content.” The company’s “world-class team, breakthrough models and unique developer network attracted me to take on the CEO role.” Akkajaru and Parker have worked together before, co-founding SR Labs, the premium home viewing venture first known as Screening Room.

Parker was also an investor and on the board of Weta Digital, the Oscar-winning visual effects house created by Peter Jackson and Fran Walsh that’s behind creatures from Gollum to King Kong.

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