On October 17, 2022, Stability AI, one of the world's first community-driven, open-source artificial intelligence (AI) company announced $101 million in funding. The oversubscribed round was led by Coatue, Lightspeed Venture Partners, and O'Shaughnessy Ventures LLC. Wilson Sonsini Goodrich & Rosati advised Stability AI on the transaction.

Stability AI is the company behind Stable Diffusion, a powerful, free, and open-source text-to-image generator that launched in August 2022. Since launching, Stable Diffusion has been downloaded and licensed by more than 200,000 developers globally. Stability AI's consumer-facing product DreamStudio quickly grew to well over a million registered users from more than 50 countries who collectively have created more than 170 million images. Stability AI will use the latest funding to accelerate the development of open AI models for image, language, audio, video, 3D, and more, for consumer and enterprise use cases globally.

The Wilson Sonsini team that advised Stability AI on the transaction included Daniel Glazer, Michael Labriola, Elisa Sielski, Alex Moffitt, Abbie Currie, Annie Schroyer, Nathaniel Siegel, Mike Casey, Stephen Heifetz, Anne Seymour, and Matthew Norgard.

For more information, please see Stability AI's press release.