Graphic design platform Canva has acquired Leonardo.AI in a bid to expand its generative AI capabilities. Running since 2012, and now with over 100 million users, Canva is used as a graphic design platform by both individuals and companies. While it had introduced some of its own in-house generative AI tools with a text-to-image generator, it seems the company is keen to expand on those possibilities down the line, if its recent acquisition is anything to go by. Australia’s largest privately held technology company announced it had struck a deal to purchase the fast-growing Leonardo.AI, a generative AI platform, on Tuesday (July, 30) This would boost Canva’s AI capabilities ahead of its IPO, expected to happen sometime in 2025.