Stability AI reports strong growth under new leadership

Stability AI has achieved significant financial turnaround under new CEO Prem Akkaraju, according to statements made at Fortune’s Brainstorm AI conference. As reported by Kali Hays for Fortune, the AI company has eliminated all debt and experienced triple-digit growth in its API and licensing business. Akkaraju, who joined six months ago alongside new investors including Greycroft Partners’ Dana Settle and tech entrepreneur Sean Parker, has successfully brought back major investors like Coatue and Lightspeed Venture Partners. The company, known for creating Stable Diffusion, has also added filmmaker James Cameron to its board. The restructuring follows a period of management turbulence that had previously led to investor departures and consideration of a potential sale.