Canva acquires Leonardo.ai to enhance its suite of visual AI tools by gaining access to user-customizable text-to-image and text-to-video generators.
Leonardo.ai's technology and Phoenix foundation model will be rapidly integrated into Canva's existing suite of Magic Studio products like Magic Media.
Canva aims to diversify its platform, competing with Adobe, where the Affinity acquisition helps against Adobe software, and Leonardo.ai could be an alternative to Adobe's Firefly generative AI models.
Canva has the opportunity to position itself as a growing alternative in generative AI, leveraging Leonardo.ai's models while being cautious to avoid scrutiny faced by Adobe regarding data usage in training generative AI.
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