San Francisco, March 24: Stability AI Founder and CEO, Emad Mostaque, has resigned from his role to pursue ‘decentralised artificial intelligence (AI)'.

Backed by investors like Lightspeed Venture Partners and Coatue Management, Stability AI has appointed Shan Shan Wong, its Chief Operating Officer, and Christian Laforte, Chief Technology Officer, as the interim co-CEOs of Stability AI.

The company said in a statement that it is actively searching for a permanent CEO.

“On behalf of the Board of Directors, I want to thank Mostaque for his leadership and relentless commitment to Stability AI and the open source movement,” said Jim O’Shaughnessy, Chairman of the Board.

“As we search for a permanent CEO, I have full confidence that Shan Shan Wong and Christian Laforte, in their roles as interim co-CEOs, will adeptly steer the company forward in developing and commercialising industry-leading generative AI products,” he added.

Stability AI is known for its image generation tool called 'Stable Diffusion'.

According to reports, the startup has not been able to raise new funds at a $4 billion valuation.

“I am proud two years after bringing on our first developer to have led Stability to hundreds of millions of downloads and the best models across modalities,” said Mostaque.

“I believe strongly in Stability AI’s mission and feel the company is in capable hands. It is now time to ensure AI remains open and decentralised,” he added.

(IANS)