Australian design software company Canva Inc has unveiled a suite of artificial intelligence-powered tools to compete with industry leader Adobe Inc. One of the standout features of these tools is the ability to instantly convert designs from one format to another at the click of a button. Users can transform a presentation into a summary or create a blog post based on brainstorming notes, with translations available in various languages. Additionally, Canva’s tools can turn text into photos and generate videos from either an image or text using Gen-2, a video-generation model developed by Runway AI Inc.
“We have more than 10 new AI products that fill significant gaps in the workflows of our community around the world,” said Canva’s Chief Executive Officer, Melanie Perkins, in an interview. Canva’s user base has grown by 20% since March, reaching 150 million users, with 16 million subscribers.
Called Magic Studio, this new suite is the most recent in a series of product launches from Canva, following the release of enterprise-focused tools in September 2022 and AI software in March.
Founded approximately 10 years ago, Canva is a direct competitor of Adobe, a company that has been the industry leader in creative software for graphic arts professionals for over four decades. Adobe has integrated generative AI features into their products and has experienced a 50% increase in market capitalization this year, reaching US$231 billion (RM1 trillion).
Canva has long been viewed by investors as a potential candidate for going public, although the company has not disclosed any plans to do so. With a valuation of around US$26 billion (RM122.81 billion) earlier this year, Canva has focused on creating user-friendly products that target individuals without professional design skills, driving their impressive growth.
The startup has surpassed US$1.7 billion (RM8 billion) in annualized revenue and has gained 65 million users in the past year, largely thanks to the introduction of new AI features. – Bloomberg
Credit: The Star : Tech Feed
