Canva Acquires Leonardo.ai to Power Its AI Features

Canva, aiming to strengthen its place in synthetic intelligence expertise, has acquired the generative AI startup Leonardo.ai.

Curiosity in generative synthetic intelligence is rising quickly, with expertise firms both growing their very own AI instruments or investing in those who do. Just lately, Canva acquired the generative AI startup Leonardo.ai. Though the monetary phrases weren’t disclosed, Canva’s co-founder and Chief Product Officer, Cameron Adams, introduced that the acquisition concerned a mix of money and shares. All of Leonardo.ai’s 120 staff will probably be becoming a member of Canva.

“Leonardo will proceed to function independently of Canva, specializing in speedy innovation, analysis, and improvement, now supported by Canva’s assets. We are going to proceed to supply all of Leonardo’s present instruments and options. This acquisition goals to drive person progress by our investments, together with aiding Leonardo in growing its platform, increasing its API enterprise, and investing in core mannequin R&D,” Adams said.

It was based in 2022

Leonardo.ai stands out as a generative synthetic intelligence platform established in 2022. Based by Jachin Bhasme, J.J. Fiasson, and Chris Gillis, Leonardo.ai is famend for offering customers with higher management over their creations. Notably, Leonardo.ai transforms customers’ drawings into reasonable visuals in actual time. The platform boasts over 19 million registered customers and has been instrumental in creating greater than a billion pictures so far. The startup beforehand secured an funding of $38.8 million.

Leonardo.ai marks Canva’s eighth acquisition general and its second this yr. Canva’s present valuation is estimated at $26 billion.

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