Canva Acquires Leonardo.ai to Enhance Generative AI Capabilities

Canva has announced its acquisition of Leonardo.ai, a startup specializing in generative AI content and research.

This strategic move aims to enhance Canva's AI technology stack, broadening its scope and capabilities. Financial terms were not disclosed, but the deal involves a combination of cash and stock, integrating Leonardo.ai's 120 employees into Canva's team.

Leonardo.ai, founded in 2022, initially focused on video game asset creation but has since expanded its platform to cater to various industries, including fashion, advertising, and architecture. The startup offers advanced collaboration tools, a private cloud for models, and APIs for custom tech infrastructure. Canva plans to integrate Leonardo.ai’s technology into its Magic Studio suite, boosting the power and functionality of its generative AI tools.