Canva has announced plans to acquire Leonardo.ai, an Australian generative AI content and research startup, as part of its goal to build a “world-class suite of visual AI tools.” While financial terms haven’t been disclosed, the deal will see Canva gain access to Leonardo.ai’s lineup of user-customizable text-to-image and text-to-video generators.
In Canva‘s announcement, company cofounder Cameron Adams says Leonardo.ai will “continue to develop its web platform” as a separate product offering, much like the Affinity creative software suite Canva acquired in March. Leonardo.ai’s technology and Phoenix foundation model will also be “rapidly” integrated into Canva’s existing suite of Magic Studio products, such as the Magic Media image and…
