Stability AI has appointed a new CEO and received a much-needed cash injection as the AI firm struggles in a competitive industry.

According to The Information, Stability has appointed Prem Akkaraju to the role, following the resignation of Emad Mostaque in March. In addition to taking on the role of CEO, Akkaraju joins a group of investors that includes former Facebook President Sean Parker in injecting much-needed cash into the company.

Mostaque resigned unexpectedly in March to focus on decentralized AI development, saying: “Not going to beat centralized AI with more centralized AI.”

As The Information points out, the fresh investment will likely result in existing investors’ stakes shrinking.

Interestingly, as of the time of writing, Akkaraju’s LinkedIn profile still shows him as CEO of Weta Digital.