Oct. 29 - According to The Information, Emad Mostaque, CEO of Stability AI, a firm that develops digital media tools for the metaverse, has told investors he wants to raise an extra $1 billion at a valuation of many billions of dollars.

Over the past two months, Mostaque has raised $100 million in risk capital through three equity financing deals, the most recent of which had a $1 billion valuation. Even though Mostaque informed The Information via email that he would not solicit more money, he chose not to reply when asked about his remarks to specific investors.

A digital art AI tool called Stable Diffusion was developed by Stability AI. It can design applications in a metaverse and perhaps even produce PowerPoint presentations. Stable Diffusion, in contrast to its rivals, offers open-source software that is freely accessible to everyone. This enables users to construct apps for design, movies, augmented reality, video games, advertising, and even e-commerce on top of its code.