Australian company Canva has acquired Leonardo.AI, an Australian startup engaged in artificial intelligence research and creation of visual AI content. This move aims to strengthen Canva’s position in the field of generative artificial intelligence, according to the company’s blog.
The financial details of the deal have not been disclosed. However, Canva co-founder and chief product officer Cameron Adams stated that it’s a combination of cash and stock, as reported by TechCrunch. It’s worth noting that Leonardo.AI attracted $31 million in funding in December last year, according to the Australian Forbes.
Canva’s blog post highlights Leonardo.AI’s impressive achievements: “In a short time, the Leonardo team already has an impressive track record of innovation and excellence when it comes to AI-powered photography, graphics and video. Today, more than 19 million people are using their products just two years after launch.”
Integration and Future Plans
As part of the acquisition, all 120 Leonardo employees will join Canva. They will continue to work independently, focusing on model research and product development with financial support and licensed data from the Canva Creators program.
Canva has assured users that their content will not be transferred to Leonardo unless they explicitly provide consent. The company plans to integrate Leonardo technologies and their Phoenix base model into the Magic Studio suite of products, such as the Magic Media image and video generator.
This acquisition aligns with Canva’s long-term strategy of investing in artificial intelligence. The company has been actively expanding its capabilities through various acquisitions. In March of this year, Canva acquired the online design platform Affinity for $380 million, positioning itself to challenge Adobe. Since 2019, Canva has also acquired several other companies, including Flourish, Kaleido, SmartMockups, Pexels, Pixabay, and SlidesCarnival, reminds NIX Solutions.
As Canva continues to invest in AI technology and integrate Leonardo.AI’s capabilities, we’ll keep you updated on any new developments or features that may arise from this acquisition. The company’s focus on AI-driven innovation suggests that users can expect to see enhanced AI-powered tools and functionalities in the future.
This acquisition demonstrates Canva’s commitment to staying at the forefront of AI-driven design and content creation. By bringing Leonardo.AI’s expertise and technology into its ecosystem, Canva aims to provide its users with even more powerful and innovative tools for visual content creation.