While it seems the UK's physical games top 10 is pretty much nailed down through the rest of 2023, one late arrival has added a last minute splash of colour to the picture. Avatar: Frontiers of Pandora launched last week, and it's managed to secure a spot within the list of bestsellers at number five. The four games above it would be tough to beat, especially given the time of year.
Stability AI Explores Sale as Investor Urges CEO to Resign
30.11.2023 - 02:45 / tech.hindustantimes.com / Ai
Stability AI, the British artificial intelligence startup behind the Stable Diffusion image generator, has explored selling the company as management faces increased pressure from investors over its financial position.
The London-based firm has presented itself as an acquisition target in recent weeks, and held early-stage conversations with multiple companies, according to several people familiar with the matter, who asked not to be identified because the discussions were private. A deal is not imminent and the company could cut the process short without selling, they said.
The overtures underscore escalating tensions between Stability, once a venture capital darling, and some of its largest investors. Coatue Management called for Chief Executive Officer Emad Mostaque to step down in a letter to management last month, some of the people said. The demand came just a year after Coatue led a funding round that initially valued the startup at $500 million, according to a person familiar with the deal. Stability secured more funding for the round that ultimately led to a $1 billion valuation.
“While several parties have expressed interest in the purchase of Stability AI, we are not trying to sell the company and are focused on releasing leading models,” such as its recent video generation product, a spokesperson for Stability said by email.
Coatue wrote that Mostaque's leadership had prompted several senior managers to leave and placed the startup in a tenuous financial position, according to the people.
“Our CEO's leadership and management has been instrumental to Stability's success,” the Stability spokesperson said. “Recent investment underscores the confidence that investors have in Stability in this fast-growing market.”
Representatives for Coatue declined to comment.
One of the companies approached as a potential buyer was Cohere, a Canadian startup working on building technology that other businesses can use to create their own AI products, one of the people said. Cohere declined to engage in talks, according to that person.
Stability also approached Jasper, an AI startup whose software helps companies create marketing materials, two of the people said.
Representatives for Cohere and Jasper declined to comment.
Stability raised $101 million in 2022 to reach unicorn status, as investors were drawn to its software that could produce striking pictures in response to a few prompts. In October, it received an investment of just under $50 million in the form of a convertible note from Intel Corp.
Tools such as Stable Diffusion have been the subject of some controversy. They've been used to produce convincing images of Pope Francis in a puffer jacket, actress Emma Watson as a mermaid and former President
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