According to The Information, the UK-based AI start-up Stability AI is in discussions to offload the company because of financial difficulties with reported revenue in the first quarter 2024 of less than $5 million while posting a loss of over $30 million.
Today, Stability AI owes almost $100 million to cloud computing providers and other creditors. The discussions follow days of layoffs as part of a restructure, which saw the group’s founder Emad Mostaque step down from his role as CEO.
UK-based Stability AI, which converts text into generated audio and video, said in October it has close to 200 employees.
