Stability AI Names New CEO, Raises $80 Million in Fresh Funds

Stability AI, an artificial intelligence startup that’s struggled with mounting costs and executive turnover, named a new chief executive officer and got an injection of cash from several investors, including early Facebook backer Sean Parker.

Prem Akkaraju, former head of the visual effects company Weta Digital, will join as CEO, the London-based company said in a statement on Tuesday. Stability AI raised about $80 million in new funds, according to a person familiar with the financing who asked not to be identified because the figure isn’t public. The Wall Street Journal reported the size of the ...