A match 'made in heaven': Inside Canva’s stunning Leonardo.Ai acquisition
Founded in December 2022, Leonardo.Ai has over 19 million users and its very own foundation AI model.
Canva, Australia's largest privately held technology company, has pulled off one of the most significant acquisitions in the nation's short history of venture-backed startups after striking a deal to buy fast-growing generative artificial intelligence platform Leonardo.Ai.
The deal bolsters Canva's artificial intelligence capability ahead of an eagerly anticipated IPO – expected as soon as 2025 – and represents a remarkable turn of events for Leonardo.Ai, which only launched in December 2022.
No financial terms were disclosed.
Leonardo raised $47 million in a series A last December from local investors including Blackbird Ventures and Sydney-based Side Stage Ventures, and offshore funds including Smash Capital and Samsung Next. It has 19 million users and is viewed as a competitor in the fast growing generative AI field with highly touted startups such as Midjourney and OpenAI's Dall E.
The company was in the process of raising a series B as an alternative to the Canva acquisition.
