Interest in generative AI is growing by the day, with technology companies either developing their own AI tools or investing in firms that specialize in this technology. Most recently, Canva acquired the generative AI startup Leonardo.ai. While the financial terms of the deal were not disclosed, Cameron Adams, Canva’s co-founder and Chief Product Officer, stated that the agreement was completed with a combination of cash and stock. All 120 employees of Leonardo.ai will join Canva.

Adams commented on the acquisition, saying, “Leonardo, now supported by Canva’s resources, will continue to operate independently, focusing on rapid innovation, research, and development. We will continue to offer all of Leonardo’s existing tools and solutions. This acquisition aims to deepen user growth through our investments, which include helping Leonardo enhance its platform, expand its API operations, and invest in foundational model R&D.”