New Delhi, July 30: Canva has acquired the generative AI company Leonardo.Ai. The partnership is expected to enhance Canva’s AI capabilities and offer more advanced creative tools to over 190 million users. Canva plans to boost its suite of AI products with Leonardo.Ai's powerful foundational model and a team of 120 engineers, researchers and designers.

The partnership between Canva and Leonardo.Ai is anticipated to unlock new levels of creativity and design in the generative AI field. As per the information available on the official website, Leonardo.Ai will continue developing its web platform for millions of users, including business customers with Canva's financial support and expertise. By integrating Leonardo's technology into Canva's existing suite of products, the company will likely provide its users with advanced tools for creating images, videos and other visual content. AI and Robotics Companies Dominate Office Space Absorption in Bengaluru Amid Rapid Global Advancement in April-June Quarter: Report.

Canva Acquires Generative AI Company Leonardo.Ai

For many years Canva has been involved in investing in AI technology. They developed the Background Remover tool in 2019 and bought visual AI firm Kaleido in 2021. After that, Canva introduced the Text to Image tool in 2022 and followed it up with an AI-powered full suite called Magic Studio in 2023. Seven billion usages have been made of Magic Studio while there is a 40 percent increase in monthly users of Canva’s AI tools for different creative needs. Chipmaker SK hynix To Begin Mass Production of Its Next-Generation GDDR7 Graphics Memory Chips in Third Quarter.

Canva also has plans to integrate Leonardo's Phoenix foundational model into its Magic Studio products. Leonardo.ai was founded in 2022. Leonardo.Ai has abilities that produce outcomes, such as hyper-realistic photos and animated videos. Its models can create images in different styles, like anime or painterly. Leonardo's Ai video generation tool can be a valuable contribution to Canva's collection of tools to enhance the creative possibilities of its users.

(The above story first appeared on LatestLY on Jul 30, 2024 05:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).