The company is looking forward to intensifying its funds in the Canva AI generator stack.
Canva co-founder and product executive Cameron Adams said the deal included
a mix of cash and stock, but no other financial details have been released. 120 Leonardo.ai workers, including executives, will be attached to the Canva team.
Cameron Addams also declared: “Leonardo will continue to run independently of Canva with a focus on rapid innovation, research, and development, now backed by Canva’s resources. We’ll keep offering all of Leonardo.ai's existing tools and solutions. This acquisition aims to help Leonardo.ai develop its platform and deepen its user growth with our investment, including by expanding its API business and investing in foundational model R&D.”
Leonardo.ai was founded in 2022 and is based in Sydney. It was initially created to target video game asset production, as the startup's creators met while employed at a video game corporation.
After some time, the Leonardo.ai team agreed to develop the platform for more than that. They designed Leonardo.ai to create and train AI patterns for image generation in industries including fashion, advertising, and architecture.
Currently, Leonardo.ai provides teamwork tools and a private cloud for models, containing video generators, along with access to APIs that allow users to create their tech framework over the Leonardo.ai program.
Canva Design has supported and embraced generative AI, committing to invest $200 million over the next few years to remunerate creators who agree to provide their prototypes for training Canva AI generator models.
Leonardo.ai, which mastered to raise over $38.8 million in funds from supporters containing Smash Capital, Blackbird, Side Stage Ventures, TIRTA Ventures, Gaorong Capital, and Samsung Next, before the acquisition, will improve Canva AI generator Magic Studio tools.
For Leonardo.ai, the Canva Design deal represents a chance to create AI innovation on another level, and also increase the company’s scale. With Canva Design as a backer, the startup journey will be pumped up to transform even more into a universally creative-centered generative AI platform.
Canva will keep investing in the Leonardo.ai independent platform while incorporating its models into the Canva AI generator Magic Studio. Working with the entire Leonardo.ai caliber team will also strengthen Canva Design's research and growth abilities as Canva AI develops and continues to commit to long-lasting innovation possibilities.
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