Sean Parker and Stability AI CEO Prem Akkaraju are rebuilding the company around music, TechCrunch reported on 2 October. The Napster co-founder is returning to the industry with backing from Sony, Warner and Universal, which have also licensed their catalogues for AI training.
Parker joined an $80 million rescue of Stability AI two years ago, after the image-generation startup nearly collapsed amid overspending and internal turmoil, TechCrunch reported. Founder Emad Mostaque was ousted amid that turmoil. Akkaraju, a longtime friend of Parker’s, became CEO.
Stability AI announced $76 million in funding in late August, with Sony, Warner and Universal among its backers. The three labels also licensed their catalogues for training as part of the deal, TechCrunch reported.
Parker says the aim is to make Stability AI a toolmaker for music professionals. The company has released three new audio models and AI music-editing software. Its AI can produce complete instrumental tracks or short snippets from text prompts.
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