UK’s open source generative AI company Stability AI has recently secured funding from Intel, Bloomberg has reported.

Citing people familiar with this matter, the report stated that the latest investment from Intel of under $50m (£41m) has been provided in the form of a convertible note.

The “lifesaving” deal, which reportedly closed last month, will provide a financial push to Stability AI, which is going through tough times.

According to a statement by Stability AI’s spokesperson, the company has “received repeated interest over the last few months in fundraising from both major venture capital and strategic investors.”

Intel’s decision to invest in Stability AI comes after its recent announcement on building an AI supercomputer leveraging its Xeon processors and 4,000 Gaudi2 AI processors, Bloomberg’s report added.

The chipmaker refused to comment on the latest investment in Stability AI.

Launched in 2021, Stability AI is primarily known for its Stable Diffusion text-to-image generating model software.

The British AI startup currently has a community of over 200,000 creators, developers, and researchers, along with various research hubs located worldwide.

Research communities backed by Stability AI are also engaged in developing AI models that can be applied to a variety of applications, such as code, language, audio, imaging, 3D content, video, design, biotech as well as other scientific research.