Canva, the popular graphic design platform, has made a significant move in the realm of generative AI by acquiring Leonardo.AI, an Australian startup specializing in AI content and research. This acquisition is part of Canva’s strategy to expand its AI capabilities and create a comprehensive suite of visual AI tools. The financial details of the deal have not been disclosed, but it is expected to significantly enhance Canva’s offerings and competitiveness in the market.
Leonardo.AI, founded in 2022, has developed a range of innovative AI tools, including text-to-image and text-to-video generators. The startup’s technology and foundational model, known as Phoenix, will be integrated into Canva’s existing Magic Studio products, such as the Magic Media generator for images and videos. This integration is expected to accelerate the development of Canva’s AI capabilities, particularly in the areas of image and video generation.
Cameron Adams, co-founder and Chief Product Officer of Canva, emphasized that Leonardo.AI will continue to operate as an independent product, similar to the Affinity creative software suite that Canva acquired earlier this year. This approach allows Leonardo.AI to maintain its brand identity and focus on its existing user base, which includes millions of consumers and business customers.
The acquisition is seen as a major boost for Canva’s AI suite, which is already used by over 190 million users worldwide. Leonardo.AI’s technology will add a new layer of versatility to Canva’s existing tools, enabling it to better compete with industry giants like Adobe, Microsoft, and Google. The incorporation of Leonardo.AI’s AI art generator, AI video generator, and other tools will enhance Canva’s offerings, particularly in the enterprise space, where Leonardo.AI has already seen significant adoption.
One of the key aspects of this acquisition is the access to Leonardo.AI’s team of 120 researchers, engineers, and designers. This talent pool will be instrumental in further developing Canva’s AI capabilities and scaling the Leonardo.AI platform. The integration of Leonardo.AI’s technology into Canva’s Magic Studio products is expected to be swift, with a focus on enhancing the existing AI image and video generator, Magic Media.
In recent years, Canva has been expanding its platform to include additional office suite-like features, making it a significant rival to Adobe’s suite of creative software products. The acquisition of Leonardo.AI could serve as a strong counterpoint to Adobe’s Firefly AI, further solidifying Canva’s position in the market.
Overall, the acquisition of Leonardo.AI by Canva represents a significant milestone in the evolution of generative AI and its applications in the design and creative industries. It underscores Canva’s commitment to innovation and its ambition to create a comprehensive AI-driven design platform that can cater to the diverse needs of both consumers and businesses. As the field of AI continues to advance, this acquisition is likely to have far-reaching implications for the future of design and visual communication.
