Canva Acquires Leonardo AI for Undisclosed Amount, Including Phoenix Model

Jul 30, 2024, 04:21 AM

Canva has announced the acquisition of Leonardo AI, a leading generative AI platform, to enhance its visual AI capabilities. This acquisition aims to empower Canva's 190 million users by improving content creation through advanced AI technology. Leonardo AI, which launched in December 2022 and has more than 19 million registered users, will bring its team and technology to Canva, boosting the speed and scale of Canva's AI development. The acquisition includes Leonardo's Phoenix model and was made for an undisclosed amount. This is Canva's second acquisition this year, as it continues to compete with industry giants like Adobe.