Ten years after launch, Canva has become a global player in design software, with more than 125 million users accessing the company’s software tools each month. Founded by Melanie Perkins, Cliff Obrecht and Cameron Adams, the Australian startup recently hit the milestone of 6 million team accounts. The company also recently closed the 2021 fiscal year at Annualized Revenue of $1.6 billion, up from $1billion in early 2021.
Canva unveiled a new suite of AI tools under the name of ‘Magic’. These tools include Magic Design, which allows users to create personalized templates from an algorithm; Magic Presentation, which is a slideshow builder; and Magic Write, a copywriting tool. AI features also include an image manipulation tool, and an AI-powered translation feature.
The company has enhanced its platform to meet increasing user demands, from single users to larger teams. Canva’s newly released features range from digital whiteboards and website building, to collaborative documents. This can help brands and enterprises keep their branding consistent, as well as offer users more customizable options to their designs. Additionally, their AI tools provide simple drag-and-drop background removal from videos and images, as well as processes like alt-text training.
CEO Melanie Perkins is passionate about delivering an offering that meets the demands of an ever-expanding market. Over the years, she’s been adamant about Canva’s potential to reach far beyond design professionals. Following its peak valuation of $40 billion in September 2021, investors have now placed their valuation at $25 billion, with Canva both increasing user numbers and achieving significant revenue growth by the end of 2021.
As the world of technology continues to evolve, so does the demand for AI-infused tools. Canva has readily responded to this through a partnership with Kaleido AI, which they acquired in 2021. Through OpenAI and Stable Diffusion models, they have built their own AI-powered tools to offer a competent solution. Melanie Perkins believes that with the right focus, “people get goals done”, and if the team continue their success, they’ll “be alright”.
