Major record labels, AMD back $76M round for Stability AI
Artificial intelligence developer Stability AI Ltd. today announced that it has raised $76 million in funding from a group of prominent investors. The consortium included Sony Music Group, Universal Music Group and Warner Music Group, the world’s three largest record labels. They were joined by more than a half dozen others including AMD Ventures. London-based […] The post Major record labels,…
Stability AI, an artificial intelligence company based in London, has secured $76 million in funding from a group of notable investors. Among them are Sony Music Group, Universal Music Group, and Warner Music Group, the world's top three record labels. Additionally, AMD Ventures, a prominent technology investment firm, participated in the round. These music industry giants are collaborating with Stability AI to develop AI-powered music production tools.
Stability AI gained recognition in 2022 with the launch of its open-source image generator, Stable Diffusion. Since then, the company has expanded its portfolio to include models capable of generating three-dimensional renderings, video, and audio. The recent focus on audio generation is likely the driving force behind the record labels' investment.
In May, Stability AI unveiled its latest audio generation models, Stable Audio 3.0, which comprises three open-source models and a paid cloud-based application programming interface. Users can generate audio snippets up to six minutes and 20 seconds long. The technology behind Stable Audio 3.0 utilizes a diffusion transformer architecture, which accelerates the audio generation process by condensing the workflow into a single step.
The funding will be utilized by Stability AI to develop additional products tailored for creative professionals and to expand its research and professional service teams.
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