Tuesday, May 21, 2024
HomeTechnologyStability AI sells its image generator Clipdrop to AI company Jasper.

Stability AI sells its image generator Clipdrop to AI company Jasper.

As part of its expansion into the business market, U.S. writing assistant startup Jasper has acquired Clipdrop, an artificial intelligence-powered photo application from Stability AI, the company told Reuters on Wednesday.

The acquisition represents a change in direction for Stability AI, a London-based business recognized for its AI model for picture production, which purchased Clipdrop less than a year ago. The terms of the deal were not disclosed.

The CEO of Stability AI, Emad Mostaque, said in an email that the acquisition will enable the business to keep concentrating on creating “cutting-edge open models”.

Initially established in July 2020 in Paris, Clipdrop received seed funding from Air Street Capital prior to being acquired by Stability AI in March 2023 for an unknown sum. Back then,

OpenAI’s ChatGPT is a hub for generative AI users and investors, who are fond to Jasper and Stability AI.

Both businesses are attempting to demonstrate that they can maintain growth in the rapidly advancing competition with other startups and major internet corporations after raising over $100 million from venture capitalists at a billion dollar valuation.

Known for its AI-powered writing tool, Jasper has had CEO changes and layoffs in the last year as it attempts to concentrate on helping businesses rather than individuals. It intends to continue to make Clipdrop available as a stand-alone product in addition to offering it through its platform.

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