Canva To Boost Its Generative AI With Acquisition Of Leonardo Ai

Canva announces the acquisition of  Leonardo Ai’s 

a generative AI content and research start-up, as the company looks to deepen its investments in its AI tech stack. One of Australia’s fastest-growing start-ups, and a leading Gen AI content creation and research company, Leonardo.AI offers AI-generated images and videos, produced quickly from simple prompts.

Leonardo.ai was founded in 2022, in Sydney and was originally meant to focus on video game asset creation. But then Leonardo Ai’s team decided to build out the platform to meet more scenarios, like creating and training AI models for image creation across industries such as fashion, advertising, and architecture.

Expanding the Business

Leonardo.ai has gained huge success and over 19 million are registered users, it has been used widely as a tool to create more than a billion images. 

Adam said  “We’ll look to integrate Leonardo’s technology into Magic Studio, which we’re very excited about. This might include making existing Magic Studio tools more powerful, or introducing new generative AI capabilities powered by Leonardo’s models directly in Canva. It’s early days, and we’ll be coming together right away to determine how this looks, but we’re excited to expand what our users are able to do with AI on Canva.”

Leonardo’s acquisition 

Canva co-founder and chief product officer Cameron Adams said it’s a mix of cash and stock. All of Leonardo ai’s 120 employees will be joining Canva, including the executive team.

“Leonardo will continue to run independently of Canva with a focus on rapid innovation, research and development, now backed by Canva’s resources, We’ll keep offering all of Leonardo’s existing tools and solutions. This acquisition aims to help Leonardo develop its platform and deepen their user growth with our investment, including by expanding their API business and investing in foundational model R&D.” said Adams

Building a strong workflow

Canva was founded in the year 2012 and since then it has gained a huge success, raising more than $560 million. Canva is  pulling in close to $2 billion in revenue and boasts over 180 million monthly users worldwide. 

“It’s a significant but natural next step in our efforts to build the most powerful, all-in-one visual AI offering. We’ve placed a strong focus on building an AI-powered workflow that includes generative solutions like image and design generation. Pairing that Canva workflow with new generative capabilities will help us continue to set our AI offering apart, and deliver new possibilities for the growing base of teams and enterprises using Canva.” Adam further stated

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