Canva acquiring Leonardo.AI will boost its AI suite for consumers and businesses
In what could prove to be one of the most significant artificial intelligence acquisitions this year, Canva has completed the deal for Australian generative AI company Leonardo.AI. The financial terms of the deal haven’t been disclosed, but for Canva which now has more than 190 million users worldwide, this will add another layer of versatility to its existing tools, including Magic Media. At Canva Create 2024 this summer, Affinity released v2.5, which includes new advanced editing options that further pushes the capabilities envelope for ‘pro’ editing performance. “We plan to rapidly integrate Leonardo’s leading technology and their Phoenix foundational model into our existing suite of Magic Studio products, such as our AI image and video generator, Magic Media. Access to Leonardo’s customers across businesses and enterprises, adoption which has already seen 19 million users, could help Canva make further inroads into the enterprise space.
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