Canva acquires Leonardo.ai to enhance AI capabilities

Canva has acquired Leonardo.ai, a Sydney-based generative AI content startup, to expand its AI technology stack. All 120 employees from Leonardo.ai will join Canva, but Leonardo.ai will continue to operate independently, focusing on rapid innovation and development. The acquisition aims to enhance Leonardo.ai's platform and user growth by leveraging Canva's resources, including expanding their API business and investing in foundational model R&D.

Founded in 2022, Leonardo.ai initially focused on video game asset creation but later expanded to various industries, offering tools like video generators and a private cloud for models. Canva plans to integrate Leonardo.ai's technology into its Magic Studio suite, enhancing its generative AI capabilities.

Source: TechCrunch