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Which market will Canva target next with its AI capabilities by end of 2024?
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Official announcements from Canva or major tech news outlets
Story
Canva Acquires Australian AI Start-up Leonardo AI to Enhance Visual AI Capabilities
Jul 30, 2024, 05:15 AM
Canva has announced the acquisition of Leonardo AI, an Australian AI start-up and leading generative AI platform, to enhance its visual AI capabilities. This acquisition is part of Canva's strategy to empower its 190 million users with advanced AI tools for content creation. Leonardo AI, which launched in December 2022 and has over 19 million registered users, will continue to operate its popular AI art web service independently. The acquisition, for an undisclosed amount, marks Canva's second acquisition this year and positions it to compete more effectively with Adobe. The integration of Leonardo AI's advanced AI model, Phoenix, is expected to significantly boost Canva's product offerings. All 120 team members, including the founders, will join Canva.
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