London-based became Europe鈥檚 newest unicorn after locking up a $101 million raise led by , and O’Shaughnessy Ventures.
The company did not release a valuation, but the new cash infusion values the company at around $1 billion.
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The AI-driven visual art startup is the company behind Stable Diffusion鈥攁 free, open-source text-to-image generator that launched last month. The platform has been downloaded and licensed by more than 200,000 developers globally, according to the company.
The startup鈥檚 consumer-facing product DreamStudio has grown to more than a million registered users who have created more than 170 million images, the company added.
“AI promises to solve some of humanity’s biggest challenges. But we will only realize this potential if the technology is open and accessible to all,” said , founder and CEO of Stability AI, in a . “Stability AI puts the power back into the hands of developer communities and opens the door for ground-breaking new applications. An independent entity in this space supporting these communities can create real value and change.”
The new money will be used to accelerate the development of open AI models for image, language, audio, video, 3D and more, Stability AI said.
European unicorns
European unicorn growth slowed in the most recently completed third quarter, with only four companies from Europe joining The 小蓝视频色情网页版 Unicorn Board. That鈥檚 compared to 21 new European unicorns in the second quarter of 2022.聽
That is not too surprising as the venture capital market in the region has significantly slowed. Europe totaled only $16 billion in funding in Q3, a 44% drop from the 3Q last year and down 35% quarter over quarter from $24 billion, per an analysis of 小蓝视频色情网页版 data.聽
Those numbers align with global venture capital trends.
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