Canva buys Leonardo.Ai to supercharge its generative AI tools
All 120 employees of Leonardo.Ai, including the executive team, will join Canva and help boost the company’s AI tools. At the same time, the Leonardo.Ai team will continue to develop its web platform for its millions of users, but now, with the added boost of Canva’s financial resources, expertise, and access to licensed content from the Canva Creators program.
With Leonardo.Ai’s incredible foundational model, and team of 120 high-caliber researchers, engineers, and designers, this acquisition bolsters our ability to supercharge our growing suite of AI products while investing in continued research and innovation to unlock the future of visual AI.
– Cameron Adams, Co-Founder and Chief Product Officer at Canva, July 2024
Canva isn’t a newcomer to AI. Its journey began with the launch of the Background Remover tool in 2019. The company soon followed up with the initial version of its Text to Image tool in 2022. Then, it rolled out a complete set of AI-powered features called Magic Studio in 2023.According to the company, Magic Studio has been used over 7 billion times since its launch. This year alone, there has been a 40% increase in monthly users tapping into the AI tools for tasks like summarizing documents, creating images, and transforming brainstorming whiteboards into complete presentations.
Canva’s acquisition of Leonardo.Ai aims to keep the company at the forefront of innovation in the rapidly changing design and visual AI landscape.
Video credit – Leonardo.Ai
Leonardo.Ai is a popular Australian AI platform that lets users create art, images, and even videos with just a simple description. It quickly gained a huge following thanks to its user-friendly interface and impressive results, making AI-powered content creation accessible to everyone.
Thanks to this deal, Magic Studio will likely get some more powerful tools or introduce new generative AI capabilities powered by Leonardo’s models directly in Canva. Such an upgrade might just be a welcome addition for Canva’s over 170 million users.
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