AI News Bureau
Canva plans to integrate Leonardo’s leading technology and their Phoenix foundational model into its existing suite of Magic Studio products, such as the AI image and video generator Magic Media.
Written by: CDO Magazine Bureau
Updated 5:58 PM UTC, Tue July 30, 2024
An image generated by Leonardo.Ai
Canva has acquired generative AI company Leonardo.ai, marking another step towards building the world’s leading design AI technology. As part of the agreement, all 120 employees from Leonardo.ai will join Canva and contribute to supercharging its growing suite of AI products while continuing to invest in research and innovation.
In a statement to TechCrunch, Canva Co-founder and Chief Product Officer Cameron Adams said, “Leonardo will continue to run independently of Canva with a focus on rapid innovation, research, and development, now backed by Canva’s resources.”
Adams added, “We’ll keep offering all of Leonardo’s existing tools and solutions. This acquisition aims to help Leonardo develop its platform and deepen their user growth with our investment, including by expanding their API business and investing in foundational model R&D.”
In addition, Canva plans to integrate Leonardo’s leading technology and their Phoenix foundational model into its existing suite of Magic Studio products, such as the AI image and video generator Magic Media. Further, the graphic design platform has also shown interest in investing to support Leonardo’s B2B adoption.
However, Canva has confirmed that its user content will not be shared with Leonardo unless the users have chosen to expressly opt-in.