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Canva has acquired Australian-based generative AI startup Leonard.Ai for an undisclosed amount, as it continues to accelerate its adoption of AI.
Launching just two years ago, Leonardo.Ai has more than 19 million users. At the end of last year, it successfully raised $47 million in a funding round that was led by Australian-based Blackbird Ventures.
The deal marks Canva’s second acquisition this year as it continues to step up its competition with Adobe. In March, the Australian tech unicorn bought Serif, the company behind professional photo and design suite Affinity.
“With Leonardo.Ai’s incredible foundational model, and a team of 120 high-calibre 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,” Canva Co-Founder and Chief Product Officer Cameron Adams said in a blog post.
As part of the deal, Leonardo will continue to operate independently and focus on innovation, model research and product development. The company will also have the backing and support of Canva’s financial resources, expertise and licensed data to continue to build Leonardo.Ai.
Adams assured Canva customers, however, that no Canva user content will be shared with Leonardo unless they choose to opt in.
Additionally, Leonardo’s generative AI technology and its Phoenix foundational model will be integrated into Canva’s existing suite of Magic Studio products, such as its AI image and video generator, Magic Media.
While no timeline has been given on when Leonardo.Ai features will begin popping up on the Canva platform, Adams noted it will be available to its global community “over time”.
“By accelerating Leonardo’s world-class AI technology and integrating it into Canva, we’re able to further empower every kind of professional to push the boundaries on the creative and strategic aspects of their work – leading to faster, more innovative, and more compelling visual communication,” Adams said.
