Canva Acquires Leonardo.ai to Power Its AI Features

MetaversePlanet July 31, 2024Last Updated: July 31, 2024

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Canva, aiming to strengthen its position in artificial intelligence technology, has acquired the generative AI startup Leonardo.ai.

Interest in generative artificial intelligence is growing rapidly, with technology companies either developing their own AI tools or investing in those that do. Recently, Canva acquired the generative AI startup Leonardo.ai. Although the financial terms were not disclosed, Canva’s co-founder and Chief Product Officer, Cameron Adams, announced that the acquisition involved a combination of cash and shares. All of Leonardo.ai’s 120 employees will be joining Canva.

“Leonardo will continue to operate independently of Canva, focusing on rapid innovation, research, and development, now supported by Canva’s resources. We will continue to offer all of Leonardo’s current tools and solutions. This acquisition aims to drive user growth through our investments, including assisting Leonardo in developing its platform, expanding its API business, and investing in core model R&D,” Adams stated.

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It was founded in 2022

Leonardo.ai stands out as a generative artificial intelligence platform established in 2022. Founded by Jachin Bhasme, J.J. Fiasson, and Chris Gillis, Leonardo.ai is renowned for providing users with greater control over their creations. Notably, Leonardo.ai transforms users’ drawings into realistic visuals in real time. The platform boasts over 19 million registered users and has been instrumental in creating more than a billion images to date. The startup previously secured an investment of $38.8 million.

Leonardo.ai marks Canva’s eighth acquisition overall and its second this year. Canva’s current valuation is estimated at $26 billion.

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