Digital design platform, Canva, has announced its acquisition of Leonardo.ai, an AI content and research startup. Although the specifics of the deal remain undisclosed, it involves a mix of cash and stock transactions. Leonardo.ai’s team of 120 will be incorporated into Canva as part of the move.
The purpose of the acquisition is to enhance Canva’s content generation capabilities, utilising Leonardo.ai’s innovative AI technologies. This move is expected to further strengthen Canva’s position as a multimedia design platform. Leonardo.ai will maintain its unique brand identity post-acquisition and continue to operate independently under Canva.
Leonardo.ai, founded in Sydney in 2022, originally developed assets for video games, but later grew into creating and training AI models for image creation across various industries including fashion, advertising, and architecture. The platform’s dynamic range of services also includes collaboration tools, private cloud storage, video generators, and infrastructure support.
Leonardo.ai’s exceptional feature, the Live Canvas tool, permits high-level image customisation.
Canva integrates Leonardo.ai for growth
This tool, deployed by its 19 million users, has helped to produce over a billion images. It’s user-friendly setup allows for a smooth adaptation process, enhancing the user’s overall image creation process.
As part of the acquisition, Leonardo’s technology will be integrated into Canva’s Magic Studio generative AI suite. Canva’s co-founder, Cameron Adams, believes this integration may streamline content creation and could prompt revolutionary changes in how the platform operates. The next steps in this development are eagerly anticipated as they may signal future trends for the entire digital design industry.
This acquisition, representing Canva’s eighth overall, demonstrates Canva’s continued strategy of expansion and growth. Previously, Leonardo.ai had secured funding of $38.8 million from high-profile investors, such as Blackbird and Samsung Next.
