The 70-Person AI Image Startup Taking on Silicon Valley’s Giants

Standing inside the HumanX conference in San Francisco’s Moscone Center, it’s hard not to feel like you’re at the center of the AI universe. Technology leaders swarm the building, and the headquarters of OpenAI and Anthropic are just down the block. But a 70-person startup headquartered 5,000 miles away in Germany’s Black Forest—a region famous for its ham—has become a top competitor to Silicon Valley’s leading labs in AI image generation.

In December, Black Forest Labs raised funds at a $3.25 billion valuation, after signing deals to power AI image-generation features in Adobe and the graphic design platform Canva. It has even

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