Stability AI appoints Prem Akkaraju as CEO

British artificial intelligence startup Stability AI has appointed Prem Akkaraju as its new chief executive officer, the Information reported on Friday, citing a person involved in the decision.

Akkaraju, former CEO of visual effects company Weta Digital, is part of a group of investors including former Facebook President Sean Parker that has stepped in to save Stability with a cash infusion, which could result in a lower valuation for the firm, the report said.

The new funding will likely shrink the stakes of some existing investors, who have collectively contributed more than $100 million, according to the report.

Stability AI declined to comment.

The company had said in May it was in talks with a group of investors for a large equity investment into the cash-strapped firm. Reuters