Hey Everyone,
Stability AI has been a bit lost in the A.I. hype of late inspite of the loud antics of its founder on podcasts and the startupās mysterious inability to raise funds at a supposed $4 Billion market cap.
He said āthere are no programmers in 5 yearsā
Fundraising is Grim for Stability A.I. in 2023
In Generative A.I. timelines terms, it seems like an eternity ago when they landed $101 million in funding in October, 2022. They have raised almost $124 million to date. Forbes has published a number of articles targeting the integrity of the CEO. They had to secure a convertible note after fundraising troubles.
The convertible note deal, which raised less than $25Ā million, happened this spring after Stability AI, distributor of the Stable Diffusion image-generation tool, was said to be seekingĀ to quadruple its valuation. I have no idea who (advised them) or why they thought they were worth $4 Billion.
But you cannot fault them for trying in the middle of Generative A.I. peak season. StableCode seems to be yet another effort to diversify their product base. They announced on August 8th, 2023 the new product in a very crowded field what they call the āvery first LLM generative AI product for codingā, which Iām not sure is even true.
https://huggingface.co/stabilityai/stablecode-instruct-alpha-3b
People I respect have skin in the game, but itās not looking good for Stability AI, after the hype has faded a bit. So is StableCode any different from their various other attempts?
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