Canva has announced the acquisition of Leonardo.AI, one of the hottest startups in Australia. The deal, the second acquisition this year for Canva following Affinity, did not disclose the purchase value. Leonardo.AI is a company that specializes in developing Generative AI models and conducting research, with its flagship model “Phoenix” capable of generating detailed images from prompts instantly. The platform boasts over 19 million registered users from various industries such as advertising, marketing, design, entertainment, architecture, fashion, e-commerce, and education.
Canva stated that Leonardo.AI’s technology will be integrated into the AI Magic Studio feature, while Leonardo.AI will continue to operate as an independent unit, focusing on research to support Canva’s future endeavors.
TLDR: Canva acquires Leonardo.AI, a leading Generative AI company, to enhance its AI capabilities and support future innovation.
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