No external funding raised. They're not on the VC path, so no need to chase insane growth. They still have around 500M USD in ARR.

In my (very personal) opinion, they're part of a very small group of organizations that sell inference under a sane and successful business model.

They have image and video models that are nowhere near SOTA on prompt adherence or image editing but pretty good on the artistic side. They lean in on features like reference images so objects or characters have a consistent look, biasing the model towards your style preferences, or using moodboards to generate a consistent style

A lot of people started realizing that it didn’t really matter how pretty the resulting image was if it completely failed to adhere to the prompt.

Even something like Flux.1 Dev which can be run entirely locally and was released back in August of 2024 has significantly better prompt understanding.

Not much, while everything happened at OpenAI/Google/Chinese companies. And that's the problem.

They still have a niche. Their style references feature is their key differentiator now, but I find I can usually just drop some images of a MJ style into Gemini and get it to give me a text prompt that works just as well as MJ srefs.