Canva, the popular design platform, has announced that they've acquired Leonardo.ai, an Australian startup specializing in generative AI for images and video. This marks Canva's eighth acquisition overall and their second this year, following a $380 million deal with U.K. design firm Affinity.
We’re thrilled to announce our plans to join forces with @Canva, which will supercharge the speed & scale that we’re building https://t.co/LlErGl3jwe. 🚀 pic.twitter.com/l23r3N2reY
— Leonardo.Ai (@LeonardoAi_) July 30, 2024
Canva, with its 190 million monthly active users, is clearly gunning for Adobe's market share. By bringing Leonardo.ai's technology into the fold, they're doubling down on AI-powered design tools. Leonardo.ai's Phoenix foundational model and team of 120 researchers, engineers, and designers will be integrated into Canva's existing AI suite, Magic Studio.
Leonardo.ai isn't being fully absorbed. They'll continue to develop their own web platform, now backed by Canva's resources. This strategy could help Canva expand its reach while maintaining Leonardo.ai's innovative edge.
What does this mean for you, the user? Expect to see more advanced AI features in Canva's toolkit soon. Think hyper-realistic photo generation, character portraits, and even AI-generated video. For professionals, this could translate to faster campaign creation, more efficient prototyping, and new ways to visualize ideas.