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 Stability AI rose to prominence in 2022 with a hit open-source image generator called Stable Diffusion. Over the subsequent years, it expanded its open-source portfolio with models optimized to generate three-dimensional renderings, video and audio. The latter use case is presumably what led the world’s top record labels to back its funding round.
Stability AI released its newest family of audio generation models, Stable Audio 3.0, in May. The series comprises three open-source models and a paid algorithm that is accessible via a cloud-based application programming interface. Users can generate audio snippets up to six minutes and 20 seconds in length.
