Jarvis and Stability AI reach $1bn unicorn status

In brief Stability AI and Jasper – two startups that make AI software that auto-generates images, text, and other stuff – have each reached so-called unicorn status (valued at over $1 billion) after bagging $101 million and $125 million in funding, respectively. Stability AI, best known for open sourcing the code for its popular text-to-image Stable Diffusion model, threw a glitzy party in San Francisco this week to coincide with announcing its funding. Emad Mostaque, the company's founder, took to the stage announcing plans to build and release more AI tools capable of handling text, audio, and video. Stability's latest funding round was led by Coatue, Lightspeed Venture Partners, and O'Shaughnessy Ventures LLC. A day later Jasper, a startup that uses OpenAI's GPT-3 to output text and images, also announced a successful Series A round.